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Free AccessFactory-Gate Inflation Accelerates in May
MAY PPI RISES 14.7% Y/Y (FCST 14.0%); APR +13.1% M/M
MAY PPI RISES 1.8% M/M (FCST +1.4%); APR +1.8% M/M
- South African PPI for final manufactured goods outpaced expectations in the May print, accelerating at 14.7% y/y (up 1.6pp on the April rate) and beating forecasts by 0.7pp. These are the highest rate since the series began in 2013.
- On the month, factory-gate inflation kept pace with April at +1.8% m/m.
- The energy, rubber and plastic index saw prices accelerate by 31.7% y/y, accounting for over half of the headline number and accelerating 2.8% on the month alone. This was followed by food products and tobacco up 9.7% y/y and metals, machinery and equipment prices increasing 15.9% y/y.
- The mining sector continued to see the bulk of price increases, with producer price inflation jumping to 17.7% in May, up from 10.9% in April on the back of booming commodity prices. Intermediate manufactured goods PPI saw a slight deceleration in May, to +15.6% y/y from +17.6% y/y in April.
- As factory-gate inflation continues to pass through to consumers, anohter 50bp hike is again on the table for the July SARB meeting. See our exclusive interview with the SARB Deputy Governor here.
Source: Statistic South Africa
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