Producer Price Index for mining and quarrying increases in third quarter
The mining and quarrying producer price index (NPPI) in the third quarter of 2022 rose to 130.5, up from 102.1 recorded in Q3 of 2021, the statistics agency (NSA) said Thursday.
The mining and quarrying cover section indices of uranium, non-ferrous metals (copper, gold, lead, and zinc), and other mining and quarrying (diamonds).
According to the NPPI report which measures the rate of change in the prices of goods and services bought and sold by local producers, during Q3 of 2022, the mining index of uranium and thorium ores increased to 102.4 basis points, representing an increase of 48.4 % when compared to 69.0 basis points recorded during the same period of last year.
“The index for mining of other non-ferrous metal ores including mining of copper, lead, zinc, and gold, also recorded an increase of 23.9%, from 149.1 basis points recorded in Q 3 of 2021 to 184.7 basis points registered in Q3 of 2022,” NSA Statistician general Alex Shimuafeni said in the NPPI Q3, 2022 statistics bulletin.
Shimuafeni further said the index for other mining and quarrying which includes mining and extraction of diamonds, which is a significant economic activity in Namibia’s mining sector during the period under review also rose to 132.3 basis points from 98.3 basis points recorded during the same quarter a year ago, resulting in a year-on-year inflation rate of 34.7%.
Meanwhile, according to the Bank of Namibia, the revision in the 2022 growth is mainly on account of strong growth for diamond mining, based on higher production volumes to date, as well as sustained growth for most industries in secondary and tertiary sectors.