(RTTNews) - Thursday, the Statistics South Africa announced that the country’s producer price index, or PPI increased 18.9% year-over-year in July, faster than 16.8% recorded in June. Economists were looking for a rate of 17.5% for July.

On a monthly basis, the PPI for domestic output climbed 2.7% in July, almost the same pace compared to 2.6% recorded in the previous month. Economists’ had forecast a 1.6% rise.

The monthly increase was mainly due to rise in electricity, chemical and chemical products prices. Prices in mining and quarrying decreased.

In July, the PPI for exported commodities increased 7.3% over a year ago, quicker than the 7% in the previous month. On a monthly basis, the PPI for exported commodities declined 0.6%.

Meanwhile, the PPI for imported commodities grew 22.8% year-on-year, smaller than 24.6% in June. Month-on-month, the index moved up 0.5%.

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