Annual food inflation continued to increase at a faster pace in relation to the other items of the consumer basket during the second quarter of 2022, the Namibia Statistics Agency (NSA) Chief Executive Officer, Alex Shimuafeni revealed.

Shimuafeni, during the launch of the 2022 second quarter Gross Domestic Product report on Wednesday said food inflation increased by 6.6 per cent during the period under review compared to an increase of 7.1 per cent recorded in the same quarter of 2021.

“Food inflation increase is worrisome,” said Shimuafeni, who attributed the increase to the escalating fuel prices and the high bill on the import of commodities.

Shimuafeni indicated the nominal value for exports of goods and services in the second quarter stood at N. dollars16.3 billion, whilst imports of goods and services expanded to N.dollars 25.5 billion, resulting in a deterioration of the external balance of goods and services.

For the quarter under consideration, average prices for oil and fats; fruits and bread; and cereals registered the highest inflation of 25.7, 16.1 and 6.8 per cent respectively.

Meat posted the lowest inflation rate of 3.8 per cent, followed by fish and vegetables, which recorded the second lowest inflation of 4.2 per cent each.

Source: The Namibian Press Agency