NSA records 7,1 per cent increase in inflation for October

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The annual inflation rate in October 2022 increased by 7,1 per cent compared to 3,6 per cent recorded in October 2021.

On a monthly basis, the inflation rate increased by 0,2 per cent compared to 0,1 per cent recorded a month earlier.

The statistics were released by the Namibia Statistics Agency on Tuesday in the October Namibia Consumer Price Index (CPI) Bulletin.

According to the document, transport and food and non-alcoholic beverages components continued to be the main contributors to the annual inflation rate with a contribution of 2,6 percentage points and 1,7 percentage points, respectively.

The zonal inflation rates for the month of October 2022 revealed that zone 2 (Khomas) recorded the highest annual inflation rate of 7,8 per cent followed by zone 3 (Hardap, Omaheke, ||Kharas and Erongo) at 6,8 per cent and zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi), which recorded an annual inflation rate of 6,5 per cent.

Analysis of the average retail prices of selected products for the month of October 2022 revealed that consumers in zone 3 paid the highest price for pure sunflower oil – N.dollars 41.85 for 750 millilitres – followed by zone 2 at N.dollars 41.37, while consumers in zone 1 paid the lowest price of N.dollars 39.18.

For brown sugar (one kilogramme), consumers in zone 1 paid the lowest price at N.dollars 17.49, while the highest price was paid by consumers residing in zone 2 at N.dollars 18.92.

The highest changes in the annual inflation rate were mainly witnessed in the categories of transport at 17,8 per cent; hotels, cafes and restaurants at 10,6 per cent; furnishings, household equipment and routine maintenance of the house at 9,6 per cent; food and non-alcoholic beverages 9,1 per cent; and alcoholic beverages and tobacco at 6,7 per cent.

The annual percentage change for the housing, water, electricity, gas, and other fuels component which accounts for 28,4 per cent of the consumer basket, increased by 2,3 per cent during October 2022 compared to 1,1 per cent registered during the same period of the preceding year.

Source: The Namibian Press Agency