Prices of goods and services bought and sold by local producers up in Q4 of 2022
An increase in the producer price indices in the fourth quarter (Q4) of 2022 was recorded according to the latest report from Namibia Statistics Agency (NSA) released Thursday shows.
The Producer Price Index (PPI) which measures the rate of change in the prices of goods and services bought and sold by local producers, saw the PPI for mining and quarrying for Q4 2022 increase to 136.4 basis points, up from 122.3 recorded in Q4 of 2021, which translates into an annual inflation rate of 11.5%.
The mining and quarrying cover section indices of uranium, non-ferrous metals (copper, gold, lead, and zinc), and other mining and quarrying (diamonds), which is a significant economic activity in Namibia’s mining sector.
Looking at the manufacturing index which encompasses processing and preserving of meat, manufacture of malt liquors and malt; soft drinks, production of mineral waters and other bottled waters, manufacture of cement, lime, and plaster, the index stood at 176.6 basis points from 168.9 basis points recorded in the same quarter of the previous year resulting in 4.6% growth in prices.
For electric power generation, transmission, and distribution, the index stood at 110.2 basis points as opposed to 111.0 basis points registered in the same quarter of 2021.
“The annual inflation rate for local electric power generation, transmission, and distribution declined by 0.8% in Q4 2022 as compared to an increase of 3.8% recorded in the same quarter of 2021,” the report noted.
Meanwhile, the PPI for water collection, treatment, and supply continued to be stagnant at 144.3 basis points since the second quarter of 2019. The annual percentage change in the producer prices index for this category remained unchanged at 0% since the second quarter of 2020.