Stats SA on Thursday released July's PPI, which increased by 1.2% on a month-on-month rate from June. The main contributors to the annual inflation rate were food products, beverages and tobacco products, and transport equipment, Stats SA said. The Steel and Engineers Industries Federation of Southern Africa (Seifsa), noted that the increase in PPI, particularly for intermediate manufactured goods from 1.4% to 2.4% in July, is expected to ease pressures on struggling businesses. "The increase in overall selling prices for July is, therefore, encouraging as it allows increased room for companies to manoeuvre. Companies have had to resort to absorbing cost increases, over a short space of time to retain customers, even after having already adjusted selling prices, she explained.

Source: News 24 August 27, 2020 13:30 UTC