Non-ferrous metals Mining Index rises 19.4%

June 23, 2022

Namibia’s Mining Index for other non-ferrous metal ores increased by 19.4% in the first quarter of 2022 after rising to 185.2 basis points compared to 155.1 basis points recorded in the same quarter last year, figures from the Namibia Producer Price Index (NPPI) show.

At the same time, the index for other mining and quarrying, which includes mining and extraction of diamonds – a significant activity in Namibia’s mining sector – recorded a year-on-year inflation rate increase of 7.9% during the period.

Prices within the processing and preserving of meat sector, which includes the operation of slaughterhouses including slaughtering, dressing, packing of meat and the production of fresh, chilled or frozen meat, increased by 13% during the reporting quarter compared to the same quarter in 2021.

The manufacturing of malt liquors and malt sector recorded a 5.1% in the prices of goods manufactured within this sector in comparison to last year prices, while the cement, lime and plaster category, according to the Namibia Statistics Agency NPPI First Quarter of 2022 report, recorded a decline of 3.1% in product prices when compared to the growth rate of 0.8% registered during the corresponding period of 2021.

The producer prices index for the manufacturing of basic precious metals and other non-ferrous metals, which includes the production of basic precious metals such as gold, silver, platinum from ore and scrap excluding extraction of ores, recorded an annual inflation rate increase of 35.3% in the quarter under review up from 33.6% recorded during the same period of last year.

The annual inflation rate for local electric power generation, transmission and distribution increased to 3.4% in the first quarter of 2022 as opposed to a decline of 7.5% recorded in the same quarter of 2021.

The Producer Price Index (PPI) measures the rate of change in the prices of goods and services bought and sold by local producers.

The PPI is designed to measure the average change in the price of goods and services either as they leave the place of production or as they enter the production process and it does not include imported products. Thus, the prices for monitoring changes in the PPI behavior are measured from the perspective of the local producer.

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Last modified on Saturday, 25 June 2022 21:11