South Africa PPI Inflation Holds Steady at 2.9%

South Africa's PPI inflation stood at 2.9% for the third month in December 2025, the highest level since July 2024, matching analysts' estimates. The main positive contributors to the headline PPI annual inflation rate were food, beverages, and tobacco (+2.9%, contributing 0.9 percentage points) and furniture and other manufacturing (+11.9%, adding 0.5 percentage points). On a monthly basis, producer prices went up by 0.2% in December, after being flat in the preceding month.

South Africa's PPI inflation stood at 2.9% in November 2025, the highest level since July 2024, matching October's reading and slightly above market forecasts of 2.8%. Elevated prices for food, beverages, and tobacco (3.3% vs 3.1% in October), particularly meat (18%); and for furniture and other manufactured goods (11.1% vs 11.2%) were offset by slower growth in coke, petroleum, chemical, rubber, and plastic products (1.5% vs 2.5%), helped by lower fuel costs. On a monthly basis, producer prices were flat in November, after decreasing by 0.1% in the prior month.

South Africa's PPI inflation quickened for the fifth month to 2.9% in October 2025, the highest level since July 2024, from 2.3% in September, though below forecasts of 3.1%. The main positive contributors to the headline PPI annual inflation rate were food, beverages, and tobacco products (3.1%, adding 0.9 percentage points); coke, petroleum, chemical, rubber, and plastic products (2.5%, +0.5 points); and furniture and other manufacturing (11.2%, +0.5 points). On a monthly basis, producer prices edged down by 0.1% in October, after a similar decrease in the prior month.