Namibia’s annual inflation rate for November 2022 marginally decreased to 7% compared to 7.1% registered in October.
The annual inflation rate was, however, much higher against 4.1% recorded in November 2021, with transport, food and non-alcoholic beverages components continuing to be the main contributors.
“The highest changes in the annual inflation rate were mainly witnessed in the categories of Transport (18.3%); Hotels, cafes, and restaurants (11.3%); Furnishings, household equipment and routine maintenance of the house (10.5%); Food and non-alcoholic beverages (9.4%); Recreation and culture (5.0%) and Alcoholic beverages and tobacco (4.8%),” NSA’s Statistician-General and CEO Alex Shimuafeni said.
“The price levels of Vegetables increased by 10.1% in November 2022 compared to a deflation of 0.2% recorded during November 2021. The increase in the annual inflation rate for this subcategory was mainly observed in the price levels of green pepper/Paprika (from -7.8% to 60.5%); Cucumber (from -14.9% to 52.4%); Onion (from -10.7% to 35.8%) and Pumpkins and Squashes (from –18.6% to 9.5%).”
On a monthly basis, the inflation rate increased by 0.5% compared to 0.2% recorded a month earlier.
The Khomas Region recorded the highest annual inflation rate of 7.9% during the period, followed by Hardap, Omaheke, //Kharas, and Erongo at 6.9%.
Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi recorded an annual inflation rate of 6.4%.
Analysis of the average retail prices of selected products for the period under review revealed that consumers in Khomas paid the lowest price of N$36.09 for pure sunflower oil (750ml) followed by Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi at N$36.38, while consumers in Hardap, Omaheke, //Kharas, and Erongo paid the highest price at N$40.03.
For white bread (each), consumers in Khomas paid the highest price at N$13.15, while the lowest price was paid by consumers residing in Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi. While Hardap, Omaheke, //Kharas, and Erongo paid N$12.49.
The Bank of Namibia forecasts inflation to average 6.1% in 2022 and to fall to 4.9% in 2023.
