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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
South AfricaSouth Africa PPI MoM climbed to 0.2% in December 2024
FMPMonthlyReleased January 2025
South Africa PPI MoM climbed to 0.2% in December 2024, released January 2025, up 0.2% from November's 0.0% reading. The print came in hotter than the 0.1% consensus, a hotter print than forecasters anticipated. PPI MoM has now risen for 3 consecutive months. Over the past 3 months, PPI MoM averaged -0.35%, vs -0.27% in the prior 3-month window. PPI MoM is now the highest in 7 months.
Latest Release
0.2
Actual
0.1
Consensus
0
Previous
Median Absolute Error
±0.22 percentage points
across last 12 releases
Last Call
Jan 2025
Predicted: 0.15
Actual: 0.2
Error: -0.05
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| USD/ZAR | ▼ Inverse | −0.50 | FOREX | Moves against | → View |
| EUR/ZAR | ▼ Inverse | −0.40 | FOREX | Moves against | → View |
| XAU/USD | ▲ Direct | +0.40 | COMMODITIES | Moves with | → View |
| EUR/USD | ▲ Direct | +0.30 | FOREX | Moves with | → View |
| S&P 500 | ▲ Direct | +0.30 | INDEX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
PPI MoM (South Africa) was reported at 0.2% in January 2025. This beat the market consensus of 0.1% by 0.1%. The reading rose from the previous value of 0%.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged -0.17%, up from the prior three at -0.27%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/ZAR (Bullish ZAR). A secondary relationship exists with XAU/USD, positively correlated (Watch). Over the last 12 releases, the Sigmacast model's median absolute error is 0.23%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Unemployment Rate (Aug 11).
Auto-generated from current model state · Refreshes on each release · Last update January 2025.
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PPI MoM - ZA
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About PPI MoM — South Africa
DEFINITION
PPI MoM stands for Producer Price Index Month-over-Month and is a key economic indicator used to measure the average change in prices received by domestic producers for their goods and services over a one-month period. This indicator provides valuable insights into inflationary pressures in the economy and is closely monitored by policymakers, investors, and businesses to make informed decisions. A higher PPI MoM indicates rising prices, while a lower PPI MoM suggests a decrease in prices, making it an essential tool for understanding the current state of the economy.
WHY THIS INDICATOR MATTERS
Inflation prints feed directly into central-bank policy expectations and real-yield calculations, and are among the most rate-sensitive releases on the calendar. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Dec 2024): actual 0.2 %, consensus 0.1 %. Prior reading (Nov 2024): 0 %. Before that (Oct 2024): -0.7 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with USD/ZAR (Bullish ZAR, r=-0.50) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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Economic Calendar - ZA Events
| Thursday, July 30, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 09:30 | ZA | Producer Price Index MoM | -0.1 | 2.6 | 1.8 | 0.85 | Low |
| 09:30 | ZA | Producer Price Index YoY | 7.5 | 7.8 | 8.2 | 7.85 | Low |
| 12:00 | ZA | Budget Balance | 80.13 | -14.62 | 57 | 68.56 | Low |