Inflation rate increased by 6.9 per cent in December 2022: NCPI

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Food, non-alcoholic beverages, hotels, restaurants and transport were the main contributors to the inflation rate increasing by 6.9 per cent in December 2022.

This is compared to 4.5 per cent recorded over the same period in 2021, according to the Namibia Consumer Price Index (NCPI) report for December 2022, which was issued on Thursday.

The report said the December inflation rate increased by 2.4 percentage points compared to 2.2 per cent recorded in the same period in 2021.

It further indicated that for food and non-alcoholic beverages, which accounts for 16.5 per cent of the NCPI basket, annual inflation increased to 11.8 per cent in December 2022 compared to 5.1 per cent recorded over the same period in 2021.

“Housing, water, electricity, gas and other fuels, accounting for 28.4 per cent of the consumer basket, increased by 2.1 per cent in December 2022 compared to 1.2 per cent the same period in 2021,” the report said.

It also noted that alcoholic beverages and tobacco, which accounts for 12.6 per cent of the consumer basket, rose by 4.2 per cent during the period under review (December) compared to 3.8 per cent registered in December 2021.

(NAMPA)

Source: The Namibian Press Agency