Namibia’s annual inflation rate, the rate at which prices are increasing, hit a five-year high of 6.8% in July, up from 4% recorded in July 2021 largely driven by increases in food, transport and non-alcoholic beverages.
Figures from the Namibia Statistical Agency (NSA) show that the highest change in the annual inflation rate were mainly witnessed in the categories of transport (20.9%); hotels, cafes and restaurants (9.8%); food and non-alcoholic beverages (8.4%); furnishings, household equipment and routine maintenance of the house (7.9%); and alcoholic beverages and tobacco (5.4%).
“The annual percentage change for housing, water, electricity, gas, and other fuel components which accounts for 28.4% of the consumer basket, increased by 1.8% during July 2022 compared to 1.2% registered during the same period of the preceding year.
“The highest percentage changes in this category during July 2022 were mainly observed in the subcategories of regular maintenance and repair of dwelling (6.5%); and water supply, sewerage services and refuse collection (5.2%),” said the NSA.
The statistical agency noted that the cost of operating personal transport equipment increased by 35.5% in July 2022, compared to 14.2% recorded in July 2021.
The increase resulted mainly from increases in the price of petrol/diesel which recorded a hyperinflation rate of 63.1% in July 2022 compared to 25.3% registered during the same period last year.
The NSA said on a monthly basis, Namibia recorded an inflation rate of 1% in July 2022, which is the same as what was registered during the preceding month.
“The growth in the monthly inflation rate was mainly caused by miscellaneous goods and services which was augmented by 2% compared to 0.2% recorded a month earlier and hotels, cafes and restaurants 1.5% compared to 0.2% recorded a month earlier,” said the NSA.
The food and non-alcoholic beverages which accounts for 16.5% of the NCPI basket recorded an inflation rate of 8.4 percent during the month of July 2022 compared to 6.1% registered during the same period of last year.