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Botswana’s diamond beneficiation hits a snag

A dark cloud hangs menacingly over the future of Botswana’s nascent diamond beneficiation and the truth must be told and credit given where it is due.  The future of the project hangs in the balance and its failure seems predetermined because of inherent structural problems, choice of the most risky and least profitable part of the diamond value chain, and lack of support and ownership of the idea from those tasked with the responsibility of spearheading it.

Diamond cartel, De Beers, motivated by greed and self-interest and opposed to diamond beneficiation from the onset, seems to have found a perfect opportunity to give Botswana a rope to hang and assured the ultimate demise of Botswana’s attempt at diamond value add.

More importantly, Botswana and other diamond producing countries have missed the boat and been overtaken by events simply because the global diamond industry has changed drastically in the recent past.  Diamond players are no longer content with concentrating their business on a single segment of the diamond value chain.

Diamond producers such as Botswana agitating for beneficiation, should have learned a long time ago that cutting and polishing are very risky segments of the business not without their own fundamental problems. Now best practices globally now are for more consolidation characterized by more vertical and horizontal integration along the whole diamond value chain.

Cutting and polishing segment is globally the least profitable realizing the lowest profit margins with some companies earning as little as 1-2 percent, while by comparison, upstream (mining and exploration) and downstream end of the value chain enjoy the highest profits margins of 16- 20 percent and 11 percent to 14 percent respectively.


Some things just did not add up from the beginning and it has never been difficult to discern that the project was not conceived in good faith. There was a lot of hostility at project conceptualization by and between Botswana government and De Beers who over decades were vehemently opposed to any calls for diamonds beneficiation dismissing them as both unworkable and illusionary and rubbishing everyone who dared advance a contrary view.

De Beers and their supporters in government and sections of the media pushed the anti-beneficiation paradigm with much vigor seeking to lock Botswana permanently relegated as a backward factor driven, and nineteen century mercantilist styled economy selling its diamond raw in the international market while De Beers, trying by all means to keep Botswana in the dark by parroting anti-beneficiation propaganda while it alone participated globally in all stages of the diamond value chain.

De Beers’ motive was clear according to diamond industry expert Chaim Even Zohar because, "historically Botswana provided up to two-thirds of De Beers profits. In all fairness, one can fully understand that the cartel went to any length to protect its interests, though it is hard to approve its methods".



There is therefore,  a dichotomy that that the very staunch opponents of diamond beneficiation have now assumed the responsibility spearheading the very idea they were opposed to all along and even rubbished anyone who dared to advance opposite view. 

There appears to be an unavoidable coincidence between the instability and uncertainty surrounding Botswana's belated and faltering attempts at diamond beneficiation and De Beers' historical opposition and disdain. Diamond beneficiation proceeded without thorough due diligence, choice of suitable, experienced and capable equity partner with a strong track record in diamond beneficiation.

De Beers was deeply conflicted and was never the right choice. Just as any project of that magnitude would require a social and environmental impact assessment, so too was a human resources impact assessment required but omitted in order to determine the number and appropriate skills mix to support the project.

So no concerted training to deliver the necessary skills mix was done nor were any training institutions identified to provide targeted and appropriate training in all aspects of gemology, either locally or abroad. Instead, heavy reliance was put on the benevolence of outsiders and imported workers in critical areas at high cost to the nation rather than the enterprise of citizens.


It is therefore no wonder that the beneficiation was programmed to fail from the onset because of lack of ownership and conviction from those tasked with its implementation and to make the idea work. De Beers derived huge and disproportionate benefits from the status quo and from the Botswana diamond industry in general and it was not surprisingly it had strong interest to keep things that way.

While De Beers globally participates in all stages along the diamond value chain, the greatest share of the value of the world diamond production it handles are derived from Botswana yet the company abused this privilege by seeking to hoodwink its leadership by hook or crook to perpetually  lock her in the relatively inconsequential and less profitable mining and rough diamond aggregation and sales.


By contrast, Paul Rowley De Beers' executive Vice President of global sightholder sales let the cat out the bag recently when he told the Dubai Diamond Conference in April that De Beers was active in throughout the diamond pipeline, through targeted investment in diamond equity at the retail end, midstream in rough diamond sales and distribution and in mining expansion.

"At De Beers, we continue to make investments throughout the value chain that we believe will drive our success in the years ahead and all participants in the diamond industry have a chance to of likewise".



Logic dictates that it is simply unbelievable that those who were so vehemently opposed to the beneficiation of Botswana diamonds, namely De Beers and Botswana government supported by some conservative sections of the media and who thoroughly discredited and rubbished anyone who held a contrary view would now by any stretch imagination be convincingly tasked with the responsibility of spearheading the implementation of the very idea they had thoroughly discredited.

For decades both De Beers and Botswana claimed that beneficiation was not feasible and that Botswana, a world leading diamond producer of the best quality diamonds by value did not enjoy any comparative and competitive advantage other things being equal.



They shied away from the stark reality that the mark-up of diamonds increases exponentially as it passes through the value chain. Beneficiation is the creation of activities beyond mining the natural resource in producing countries as a means of adding value. Out of the ground, rough diamonds move through the pipeline from dealers to diamond cutters and polishers, to jewelry manufacturers, retail stores and finally to consumers.

According to authoritative diamond industry report Bain and Company, the value of diamond increases significantly as they move along the diamond chain from the mine to the final market, nearly quintuple over the course of the journey.

The great value – US$25 billion or more in both cases is added at the jewelry manufacturing and retail stages, Jewelry manufacturing is estimated at approximately 65% of the retail sales based on historic average.

By way of illustration, Bain and Company when rough diamond production generates revenues of $14.8 billion, the revenue will grow to $47.2 billion when the diamonds are manufactured into jewelry and grow again to $72 billion when the jewelry is sold at retail, quoting IDEX; Tacy Ltd and Chaim Even-Zohar and Diamond Value Chain of 2010.

Maximizing return on assets of rough diamonds very valuable but the ending price of diamond jewelry is worth much more, according to mining academic Rudnicka (2010).

The trend in the world is to shorten the supply chain between the rough coming out of the mine and the shop window through vertical and horizontal integration of the production value chain. By way of example, Rudincka says, Lev Leviev, chairman of Leviev Group of Companies, controls the biggest pit mine, is the world's largest polisher and cutter of diamonds, and own Leviev boutique in London and New York.

De Beers owns diamond shops in London, Paris, Tokyo and Los Angeles (Doulton, 2006). Tiffany and Co for the last 172 years avoided cutting and polishing its own diamonds, but has since decided to move backwards in the supply chain.

In 2002, it began opening cutting and polishing plants in Canada, Belgium, South Africa and Vietnam and later adding operations in China and Mauritius (O'Connely, 2009). Harry Winston Diamond Corp, now owns 40% of Davitz Diamond mine in Canada and retail stores in New York, Paris, Tokyo and planned to open others in the United States, Beijing and Hong Kong.


This has given the company access to the more profitable ends of the diamond value chain – the contract wholesale and retail business because the highest potential for profit lies in retail, because as a rough diamond moves from the mines, it increases exponentially by 320 percent at retail (Covert, 2007).

Bains and Company argue that diamond jewelry manufacturing and retail is the highest level of production that many countries aspire to upgrade to and manufacturing centers hold a lot of power in the final distribution of diamonds which has the highest potential for profit. 

Although rough diamond production remains the most lucrative in terms of profit margins estimated at between 16 -20 percent, the only other segment that generates comparable margins is retail, where large chains such as Tiffany and Company and Cartier can archive margins of 11-14 percent. 



Concentrating on mining alone is outdated on the evidence of diamond industry experts and policy makers. To meet the challenges of getting adequate supplies of the right mix of diamond jewelry, some large retailers have extended their operations upstream, investing in mines and in cutting and polishing companies. Tiffany and Company is one retailer who had made such and investment.

Hong Kong Chow Tai Fook, the world's largest vertically integrated jeweler and has responded to the supply challenge by securing long term supply contracts with ALROSA to supplement earlier agreements with De Beers and Rio Tinto. About half of the polished diamonds used in Chow Tai Fook jewelry were produced in-house.

Chow Tai Fook, and Tiffany and Company have already invested in mining operations and integrated backward by acquiring mines and eventually middle market operations. As rough diamond sales are likely to decline, the victim of consolidation will be cutting and polishing firms.

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Botswana loses mineral resources to unwise investments 

24th November 2021
Botswana loses mineral resources to unwise investments

Botswana’s failure to diversify the economy away from mineral revenue could be coming back to haunt the southern African nation as there are strong signs that it is losing its mineral resources and revenue to a string of unwise investment practices. 

This is revealed in a report titled “Wealth Accounting in Botswana” released by the Ministry of Finance and Economic Development recently which shows that while the volatility in mineral resource depletion probably reflects the nature of the mining industry, which is subjected to uncertainties in the global markets for diamonds in particular; however, from 2015 to 2018, official figures show “that mineral resource depletion is rising and caching up (sic) with the rate at which capital stock is being accumulated.” 

The capital stock of a country is part of the national wealth which is reproducible, it consists of all resources which contributes to the production of goods and services. On the other hand, mineral resource depletion is the result of an excess of consumption over its production. 

While the report shows positive trends such as non-mining sector replacing the mining industry in contributing to economic growth and Botswana “increasing its overall asset base to offset the gradual depletion of its exhaustible natural resources,” it however, shows alarming trends.

Reads the report in part, “Generally, the growth of capital stock is declining overtime and it is even surprising to see that growth of capital stock at its replacement value is also declining overtime. This could also suggest the need to investigate the productive capacity of capital stock that the country invests in.”  

Furthermore, the report says, “this could suggest the need to investigate the quality of capital stock, since low quality capital stock is subjected to rapid wearing out, resulting in decline in the future economic benefits of investment.”

 Most likely, the report says, “this reflects unproductive investment by government in public infrastructure – for instance; infrastructure being over-priced, badly designed and poorly implemented and even badly selected/prioritised, with marginal investments that are unlikely to deliver significant benefits.” 

The report says Botswana’s fiscal strategy is to finance its recurrent spending through non-mining revenue, whereas development spending is intended to be financed through mineral revenues. “It is worth noting that when mineral revenue is used for development spending, it is derived from mineral resource depletion,” says the report says. It is therefore, the report says, important to track and see if the rate of depletion surpasses the rate at which capital stock is accumulated.

The report says Government allocates a significant portion of mineral revenues to development programmes, which include infrastructure development that forms part of capital stock. It says some of the factors which could be the cause of a declining rate of accumulation of capital stock could be associated with lack of prioritising spending. 

“It is indicated that during the period between 2012/13 and 2017/18, the rate at which actual spending on development programmes has been growing is less than the growth rate of budgets, indicating that underspending of budgets is an increasing problem. Underspending on development projects due to weak implementation capacity could be one cause of a declining rate of capital stock accumulation,” reveals the report. 

According to the report, as a mineral-led economy, Botswana has long aimed to transform its mineral revenues into other classes of assets, namely physical, human and financial capital. This is supported by fiscal policies in place. 

It says Botswana’s fiscal rule has been adopted in the country’s National Development Plan (NDP) 11. This rule, the report explains, plays a critical role by providing guidance on how much to consume and save to achieve macroeconomic stability in the short-run and support long-term fiscal sustainability. The report further explains that the fiscal rule states that 40 percent of mineral revenues would be saved in the form of financial assets for future generations, while the remainder would be invested in physical and human capital. 

“However, in reality, achieving the fiscal rule targets has been a challenge for the country, due to recurring budget deficits over the previous years,” says the report. It says official figures also show that the country experienced budget deficits during the entire reporting period (between 1994 and 2019).  

“Economic shocks that reduced the amount of mineral revenues, coupled with high government expenditure levels, have led to recurring budget deficits. Consequently, the government’s ability to save a portion of mineral revenues, as required by the fiscal rule, was severely compromised,” the report says.

On a positive note, the report says, Botswana’s economy generally grew at an average of 4.1 percent real GDP growth from 2012 to 2019 adding that this growth was mainly attributed to the non-mining sector, which has cushioned the country to some extent against external shocks1. For the past several years, the non-mining sector grew faster than the mining sector, with an average of 5.4 percent, the report reveals further. 

It says the slowed growth of the mining sector was due in part to the closure of BCL copper-nickel mine in 2016, which led to a reduction in total mining output in 2016/17. Continued risks associated with constrained growth in advanced as well as emerging and developing economies during this period, reduced the global demand for diamonds, which led to significant reductions in total mining contribution to GDP. On the other hand, the growth of the non-mining sector signifies the country’s efforts to diversify the economy away from minerals, the report says.  

Economic diversification, the report says, is key in natural resource-rich economies as it restricts the impact of the Dutch Disease – an economic phenomenon where the rapid development of one sector, particularly minerals, results in negative impact on the overall economy. Therefore, it says, prudent management of the country’s mineral resources and economic diversification have been a central objective of Botswana’s macro-fiscal policies.

The report notes that to date, the country has made strides in terms of achieving economic diversification goals. This, it says, is evidenced by the Trade, Hotels and Restaurant sector, which surpassed the Mining sector since 2017 onwards, in terms of contribution to value added, becoming the largest sector of the economy.

“However, in order to achieve sustainable economic growth, private sector-led growth should continue to be promoted to assist in addressing unemployment and poverty alleviation. Economic diversification also reduces macroeconomic volatility and disperse risks, such as commodity price volatility.

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Prosperity Index: Botswana improves slightly

24th November 2021
Prseident-Masisi

The 2021 Legatum Prosperity Index report indicates that Botswana ranks number 82nd globally out of 167 countries with a prosperity score of 57.1. Compared to the 2020 report, Botswana moved three places up from 85. However this is still lower than the country’s best ever score from 2011, when Botswana was ranked at number 80. 

According to the report from Legatum Institute, they had published a new report outlining a framework for natural transformation designed to help leaders as they make decisions to guide their nations on development pathway. The report said legatum Institute is a London -based think-tank with a bold vision to create a global movement of people committed to creating the pathways from poverty to prosperity and the transformation of society.

It states that Botswana performs most strongly in governance and economic quality but is weakest in natural environment, it further states that the biggest improvement compared to a decade ago came in economic equality.

The report suggests that Botswana ranks 4th in Sub-Saharan Africa out of 49 countries. The rank was based on inclusive societies which include; safety and security, personal freedom, governance and social capital. The rank also was based on open economies which includes; investment environment, enterprise conditions, infrastructure market and economic quality and lastly it was also inclusive of empowerment of the people; living conditions, health, education and natural environment.

The Legatum prosperity index report states that inclusive societies are an essential requirement for prosperity, where social and legal institution protects the fundamental freedom of individuals and their ability to flourish. Botswana is ranked 49th globally and 5th in Sub-Saharan region. On Safety and security the report states that a nation, community or society can prosper only in an environment of security and safety for its citizens, Botswana ranks 71st globally and 9th in Sub-Saharan Africa region on this category.

As for personal freedom, the report focused on basic legal rights, individual liberty, the absence of legal discrimination and the degree of social tolerance experienced in a society.  Botswana ranks 57th globally and 9th in Sub-Saharan Africa region.

Botswana is pegged at 38th place globally and 2nd in Sub-Saharan Region when it comes to governance. The Legatum report indicates that governance measures the extent to which there are checks and restraints on power and whether governments operate effectively and without corruption. It also states that the nature of a country’s governance has a material impact on its prosperity.

If there is one area where Botswana is struggling, it is social capital. The country ranks 111th globally and 24th in Sub –Saharan African region. The report states that social capital measures the personal and family relationships, social networks and the cohesion a society experiences when there is high institutional trust, and people respect and engage with one another, both of which have a direct effect on the prosperity of a country.

The report further states that under Open Economics Botswana ranks number 80 globally. The country still needs to encourage innovation and investment, promote business and trade and facilities as well as inclusive growth. Open economics includes; investment environment, enterprise conditions, infrastructure and market access, economic quality.

Botswana ranks 5th in Sub-Saharan African region and 72nd globally in investment environmental which measures the extent to which investments are protected adequately through the existence of property rights, investor protection and contract enforcement. The Prosperity Index report states that, the more a legal system protects investments, for example through property rights, the more that investment can drive economic growth.

The Legatum prosperity index ranked Botswana’s enterprise conditions 10th in Sub-Saharan Africa region and 82nd globally. It explains enterprise conditions as measures of how easy it is for businesses to start, compete and expand.

Botswana ranks 6th in Sub-Saharan African region and 105th globally in infrastructure and market access. The Legatum report explains that market access and infrastructure enables trade and inhibitors on the flow of goods and services between businesses hence economic growth.

Economic quality has been explained by the report as a measure of how robust the economy is as well as how the economy is equipped to generate wealth. The country ranks at the apex, 1st in sub-Saharan Africa region and 53rd globally.

The Legatum prosperity report indicated that states could generate prosperity through empowered people. Empowered people considers living conditions, health, education and natural environment. Botswana ranked 116th globally and 44th in the African region when it comes to empowering its people.

Living conditions as one of the components under empowered people, Botswana ranked 7th in sub-Saharan region and 114th globally. The institute indicated that Living Conditions measures whether a reasonable quality of life is extended to the whole population, which is necessary for a nation to be prosperous

Another component under empowered people is health. According to the institute, the coverage and accessibility of effective healthcare, combined with behaviors that sustain a healthy lifestyle, are critical to both individual and national prosperity. Botswana ranks 17th in the Sub-Saharan region and 131st globally.

Botswana ranks 5th in Sub-Saharan region when it comes to Education and ranks spot 101 globally. According to the report, a better-educated population also leads to greater civic engagement and improved social outcomes — such as better health and lower crime rates.

Lastly Botswana ranks very low on aspect of natural environment, pegged at number 116 globally and 44th in the sub-Saharan African region. The Legatum institute explains this category capturing parts of the physical environment that have a direct effect on people in their daily lives and changes that might impact the prosperity of future generations. The report further reads, “A well-managed natural environment benefits a nation by yielding crops, material for construction, wildlife and food, and sources of energy, while clean air leads to a higher quality of living for all”.

In conclusion, the 2021 prosperity index reveals that sub-Saharan Africa has been the bright light in the world of stagnation in prosperity. With its modest but consistent progress, despite the deterioration in the continent’s safety and security. “The prosperity of 40 out of 49 countries improved over a decade, and the rate of extreme poverty has dropped across the region from 49.9 %to 42.3% of the population, much of the progress has to be driven by steady improvements in Health and in infrastructure” the report said. The Legatum Institute’s 2021 Prosperity Index has found that in Sub-Saharan Africa “prosperity has improved for the 11th year in a row” with the rate of extreme poverty falling from 49.9% to 42.3%.

Mauritius continues to prove itself as a beacon of prosperity in Africa, making it to the top 50 of seven of the index pillars. Second in the region Seychelles ranked number 50, Cabo Verde at number 80, Botswana 82nd, South Africa 85th and last both in Africa and the entire report South Sudan at 167th.

In her Foreword of the report, Baroness Philippa Stroud, CEO of the Legatum Institute states that; “Prosperity is built by deliberate choices to develop a society that works for everyone — an inclusive society, with a strong social contract that protects the fundamental liberties and security of each individual. It is driven by an open economy that harnesses the ideas and talents of the people of a nation.

This in turn builds an enabling environment for all to flourish by fulfilling their unique potential and playing their part in strengthening their families, communities, and nations. A prosperous society is not just about what we’re getting, but about who we are becoming — individually and together. The Prosperity Index acts as a spotlight on what builds prosperity or conversely what causes poverty.

It tracks the rise and fall of prosperity over time and captures the outcomes of decisions that either build or destroy prosperity. When we look at what is happening across the nations of the world, this year’s Legatum Prosperity Index shows that global prosperity is stagnating. However, this stagnation is not simply a result of the recent impact of the COVID-19 pandemic.”

Globally, the 2021 Legatum Prosperity Index reveals that “prosperity has plateaued for the second year running” and this is the result of weakening personal freedoms, specifically Freedom of Speech and Freedom of Assembly.

The Index identifies that whilst “COVID-19 has undoubtedly had a short-term impact on prosperity”, the pandemic has not been solely responsibly. “The past decade has seen the increasing suppression of the core liberties which underpin true prosperity.”

According to the 2021 Index, the “key area of concern”, where this suppression is taking place, is the “ongoing deterioration in political accountability and freedom of speech and assembly in most regions of the world”. In the last decade 72% of all nations have seen a decline in freedom of speech.

The report says in 100 countries around the world both freedom of expression and freedom of assembly deteriorated over the last decade. This has significant implications for global prosperity.

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Inflation up again, rose to 8.8 percent October 

24th November 2021
Inflation

Botswana’s headline inflation took a turn back into the upward trajectory in the month of October after a decline in September. Figures released by Statistics Botswana on Monday reveal that  headline inflation rose from 8.4 percent in September to 8.8 percent in October 2021, which is above the upper bound of the Bank of Botswana‘s medium-term objective range of 3 – 6 percent.

This is also substantially higher than the 2.2 percent recorded in the month October last year 2020.  The increase in inflation between September and October 2021 mainly reflects the upward adjustment in domestic fuel prices in October 2021, as reflected by the annual price changes for Transport (from 17.5 to 19.3 percent).

Meanwhile, there were partially offsetting movements in the annual price changes for some categories of goods and services, while for a few, prices remained stable.  Annual price changes for the following categories of goods and services also increased: Food & Non-Alcoholic Beverages (from 6.4 to 6.8 percent); Restaurants and Hotels (from 3.8 to 4.1 percent); Clothing and Footwear (from 3.7 to 3.8 percent); Health (from 2.8 to 2.9 percent); and Miscellaneous Goods and Services (from 7.3 to 7.4 percent).

However, the upward pressure on inflation was partially offset by inflation falling with respect to: Communication (from 1.5 to 1 percent); Alcoholic Beverages and Tobacco (from 9 to 8.8 percent); and Housing, Water, Electricity, Gas and Other Fuels (from 8.3 to 8.2 percent). Inflation remained unchanged for: Furnishing, Household Equipment and Routine Maintenance (5 percent); Recreation and Culture (4.3 percent); and Education (2.8 percent).

Similarly, the 16 percent trimmed mean inflation and inflation excluding administered prices increased from 8 percent and 7.1 percent to 8.2 percent and 7.2 percent, in the same period. The inflation rates for regions between September 2021 and October 2021 revealed that the Rural Villages’ inflation rate stood at 8.6 percent in October, showing a rise of 0.6 of a percentage point on the September rate of 8.0 percent.

The Urban Villages’ inflation rate was 9.0 percent in October compared to the September rate of 8.6 percent, while the Cities & Towns inflation rate rose by 0.3 of a percentage point, from 8.4 percent in September to 8.7 percent In October.

The national Consumer Price Index went up by 0.9 percent in October 2021, from 112.3 registered in September 2021 to 113.3. The Rural Villages’ index recorded a growth of 1.1 percent, from 111.1 in September to 112.4 in October.

The Urban Villages’ index advanced from 112.9 in September to 113.8 in October 2021, a rise of 0.9 percent, whereas the Cities & Towns’ Index moved from 112.4 to 113.3, an increase of 0.8 percent. The group indices were generally moving at a steady pace between September and October 2021, recording changes of less than 1.0 percent, except the Transport group index, which recorded 3.0 percent.

The Transport group index recorded a rise of 3.0 percent, from 114.0 in September to 117.5 in October. This was attributed to a growth in the constituent section index of Operation of Personal Transport (5.2 percent) and purchase of Vehicles (1.2 percent). The increase in the Operation of Personal Transport section index was attributed to the rise in retail pump prices for petrol (95) by P0.71 and diesel (50ppm) by P0.55 per litre, which effected on the 8th of October 2021.

The Alcoholic Beverages &Tobacco index group registered a growth of 0.5 percent, from 120.1 in September to 120.8 in October 2021. This was due to an increase in the constituent section index of Alcoholic Beverages (0.6 percent) and Tobacco (0.3 percent).

The Food & Non-Alcoholic Beverages group index moved from 113.5 to 114.0, recording a rise of 0.4 percent. This was owing to the general increase in the constituent section indices, notably; Oils & Fats (1.8 percent), Vegetables (0.9 percent), Sugar, Jam, Honey, Chocolate & Confectionery (0.7 percent) and Food not elsewhere classified (0.7 percent).

The Clothing and Footwear group registered a rise of 0.4 percent, from 107.4 in September to 107.8 in October 2021. The increase was attributed to the general increase in the constituent section indices. The Restaurants & Hotels index group registered an increase of 0.4 percent, from 109.1 in September to 109.6 in October 2021. The rise was due to the rise of the constituent section index of Restaurants, Cafes and the Like by 0.5 percent.

The All-Tradeables index was 114.7 in October 2021, recording a rise of 1.4 percent from 113.0 in September 2021. The Imported Tradeables Index increased from 112.5 in September to 114.6 in October 2021, a rise of 1.9 percent.

The Domestic Tradeables Index realised an increase of 0.3 percent from 114.4 in September to 114.7 in October. The Non-Tradeables Index moved from 111.4 in September to 111.5 in October, an increase of 0.1 percent. The All-Tradeables inflation rate was 12.0 percent in October 2021, recording a rise of 0.7 of a percentage.

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