The Namibia Statistics Agency (NSA) says local malt liquor and malt producers faced a significant 17.5 basis point increase in their producer price index (PPI) during the second quarter of 2024, leading to a 12.8% inflation rate compared to the previous year.
According to the NSA report, this marks a substantial increase from the 2.4 per cent recorded in the corresponding quarter of 2023.
“The index for the manufacturing of malt liquors and malt increased by 17.5 basis points, reaching 153.9 basis points in the second quarter of 2024, compared to 136.4 basis points in the same quarter of 2023. This basis points in the second quarter of 2024, compared to 136.4 basis points in the same quarter of 2023,” the report read.
On the other hand, inflation in the manufacturing sector decreased overall by 2.7 per cent while the PPI for processing and preserving of meat declined slightly from 207.0 basis points in the previous quarter to 206.9 basis points in the current quarter.
NSA said the production of mineral waters and other bottled waters index rose to 142.7 basis points in the second quarter of 2024, up from 133.7 basis points recorded in the same quarter of 2023. The annual inflation rate for this category remained stable at 6.7 per cent.
During the quarter, electric power generation, transmission, and distribution rose to 120.3 basis points, up from 110.2 basis points in the same period of the previous year. This represents a substantial increase of 9.2 per cent in prices.
It is reported that this price hike is a stark contrast to the decline of 0.8 per cent observed in the second quarter of 2023.
NSA said the resurgence in energy prices is likely attributed to a combination of factors, including increased demand, rising input costs, and potential supply constraints.
“During this quarter, the annual inflation rate for local electric power generation, transmission, and distribution the annual inflation rate for local electric power generation, transmission, and distribution increased by 9.2 per cent,” the report read
The report stated that the overall PPI for mining and quarrying decreased by 6.2 basis points, resulting in a deflation rate of 4.2 per cent.
While the index for uranium and thorium ores increased by 13.3 basis points, the inflation rate for this sector slowed down significantly from 37.0 per cent in the previous year to 10.8 per cent.
Other non-ferrous metal ores saw a significant price increase, with the index rising by 18.0 per cent. In contrast, the index for other mining and quarrying activities declined by 28.0 basis points, resulting in a deflation rate of 20.3 per cent.
The water supply sector remained stable at 0.0%, with no changes in the PPI or inflation rate.
