For the third quarter of this year, the Producer Price Index for Mining and Quarrying slightly rose by 0.5 basis points to 131.0 basis points, up from 130.5 basis points recorded in the corresponding quarter of 2022, translating into an annual inflation rate of 0.4 percent compared to 27.9 percent recorded in the same quarter of 2022, the Namibia Statistics Agency said.
Mining and quarrying section covers indices of uranium, non-ferrous metals (copper, gold, lead and zinc) and other mining and quarrying (diamonds).
The index for mining of uranium and thorium ores (ISIC 0721) increased to 107.4 basis points in the third quarter of 2023, from 102.4 basis points one year ago. This translates into an inflation rate of 4.9 percent, a slow growth, when compared 48.4 percent recorded during the same period last year.
The index for mining of other non-ferrous metal ores (ISIC 0729) that includes mining of copper, lead, zinc, and gold. This category of Producer Price Index recorded a slow growth of 13.2 percent in the third quarter of 2023 compared to 23.9 percent recorded during the same period of the preceding year. The index for this component increased from 184.7 basis points registered in the third quarter of 2022 to 209.1 basis points in the same period of 2023.
The index for other mining and quarrying includes mining and extraction of diamonds, which is a significant economic activity in Namibia’s mining sector. During the period under review, the index for this sector dropped by 18.9 basis points to 113.4 basis points from 132.3 basis points recorded during the same quarter a year ago. The category recorded a deflation of 14.3 percent in the level of prices during the third quarter of 2023, compared to an increase of 34.7 percent recorded a year ago.
