Johannesburg - South Africa's headline producer inflation surprised to the downside in May, slowing to 8.7 percent year-on-year, from 8.8 percent in April, Statistics South Africa said on Thursday.
Economists polled by Reuters had forecast PPI would quicken to 9.0 percent year-on-year.
On a month-on-month basis, factory gate prices fell by 0.2 percent in May from 1.0 percent in April and against market expectations for 0.53 percent.
Stats S.A. releases five industry-specific producer price indices, with final manufactured goods representing the headline number.
May April
y/y m/m y/y m/m
Final manufactured goods 8.7 0.2 8.8 1.0
Intermediate manufactured goods 9.8 0.5 10.2 0.4
Electricity and water 9.7 1.4 10.4 3.1
Mining and quarrying 4.9 -0.3 6.6 -0.7
Agriculture, forestry and fishing 6.7 -1.0 7.6 -3.6 - Reuters