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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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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.