Slight change in annual inflation rate

WINDHOEK: Namibia Statistic Agency (NSA) has noted an annual inflation rate for the year 2014 of 5.4 per cent compared to 5.6 per cent for year 2013.

According to the NSA’s Namibia Consumer Price Index for December 2014 issued to Nampa on Friday, the average monthly rate for year 2014 remains the same as of 2013 at 0.4 per cent.

The report noted that the December annual Inflation rate dropped to 4.6 per cent showing a continuation of the general downward trend in inflation seen since May 2014.

During the period between December 2013 and December 2014, the inflation fluctuated between 4.6 and 6.1 per cent.

“This wavering in inflation is largely on account of prices of food and fuel, exacerbated by a weakening of the Namibia Dollar against major currencies,” said the report.

The NSA said the major drivers of the annual inflation were, mainly on account of relatively large weighting of these categories in the overall inflation basket, food and non-alcoholic beverages (7.2 per cent), alcoholic beverages and tobacco (7.8 per cent) transport (3.9 per cent).

Additional relatively smaller contributions to inflation were recorded from the minor groups such as recreation and culture (5.1 per cent), hotels, cafes and restaurants (3.8 per cent) and miscellaneous goods and services (4.7per cent ).

(edited)WINDHOEK: There was a slight drop in the country’s annual inflation rate from 5.6 per cent in 2013 to 5.4 per cent last year (2014).

According to the Namibia Statistics Agency’s (NSA) Namibia Consumer Price Index for December 2014, issued to Nampa on Friday, the average monthly inflation rate during the year 2014 was the same as that of the preceding year at 0.4 per cent.

The report noted that the December inflation rate dropped to 4.6 per cent, showing a continuation of the general downward trend in inflation noted since May 2014.

During the period between December 2013 and December 2014, the inflation fluctuated between 4.6 and 6.1 per cent.

“This wavering in inflation is largely on account of the prices of food and fuel, exacerbated by a weakening of the Namibia Dollar against major currencies,” said the report.

The NSA said the major drivers of the annual inflation rate included the relatively large weighting of categories in the overall inflation basket, food and non-alcoholic beverages (7.2 per cent), alcoholic beverages and tobacco (7.8 per cent) as well as transport (3.9 per cent).

Additional relatively smaller contributions to inflation were recorded from minor groups such as recreation and culture (5.1 per cent), hotels, cafes and restaurants (3.8 per cent) and miscellaneous goods and services (4.7 per cent).

SOURCE: NAMPA