Namibia Statistics Agency releases Q1 2024 producer price data

The Namibia Statistics Agency has presented updates on the quarterly Producer Price Indices for ten industries, including mining of uranium and thorium ores, processing and preserving of meat, manufacture of soft drinks, electric power generation, and water collection, treatment, and supply. The PPI covers the first quarter of 2024. NSA spokesperson, Mirjam Shihepo, has more.

Namibia’s Mining and Quarrying Producer Price Index (NPPI) for the first quarter of 2024 rose to 135.3, up from 125.8 in the same period in 2023, the NSA reported Thursday.

However, the index for other mining and quarrying, including diamond extraction — a significant economic activity in Namibia — dropped by 20 basis points to 110 from 130 in the first quarter of 2023, resulting in a 15.4 percent deflation in prices for the first quarter of 2024.

Namibia’s mining sector is vital to its economy, contributing significantly to its gross domestic product and employment. The country is rich in minerals such as diamonds, uranium, and non-ferrous metals.