The Namibia Statistics Agency (NSA) says recreation and culture witnessed a significant 9.6% increase in annual inflation in March 2024.
NSA said similarly, hotels, cafés, and restaurants experienced an 8.0% inflation rate, encompassing various aspects of hospitality services and dining experiences.
According to the Consumer Price Index the annual inflation rate for March 2024, stood at 4.5% compared to 7.2% recorded in March 2023, depicting a downward trend since January 2024.
On a monthly basis, the inflation rate remained unchanged at 0.0%.
Meanwhile, the alcoholic beverages and tobacco category saw a notable jump in inflation rates, reaching 6.8%, underscoring escalating prices of alcoholic products and tobacco items.
While in March 2024, the inflation rate for food and non-alcoholic beverages stood at 4.9 per cent, compared to the 14.6 per cent observed in March 2023.
Monthly, prices in this category increased by 0.1 per cent in March 2024, down from the 0.3 per cent recorded in February 2024.
In addition to these sectors, household and transportation expenses also faced inflationary pressures, albeit to a lesser extent.
Housing, water, electricity, gas, and other fuels increased to 3.4 per cent during March 2024 compared to 3.0 per cent observed in March 2023.
Transport experienced a decrease year-on-year (y-o-y) to 4.3% compared to 9.2% while the operation of personal transport equipment increased by 3.9% compared to an increase of 12.5% and public transportation services by 0.6% while last year it had increased by 1.0% in the same month
The report further states that inflation rates across different zones reveal changes in consumer spending patterns.
In Zone 1, which encompasses regions such as Kavango East and Oshikoto, the y-o-y inflation rate stood at 4.5 percent, a decrease from 7.7% in March 2023. This slowdown emanated mainly from slow increases in the price levels of food and non-alcoholic beverages, education, clothing and footwear, transport, and miscellaneous goods and services.
In Zone 2, the Khomas region’s yoy inflation rate for the period under review stood at 5.1 per cent, a slowdown when compared to 6.6% recorded during the same period of 2023. This slowdown primarily stemmed from price levels of food and non-alcoholic beverages, transport, furnishing, household equipment and routine maintenance of the house, and miscellaneous goods and services.
While in Zone 3 incorporating regions such as Zambezi, the y-o-y inflation rate increased by 3.5 per cent compared to 7.2% recorded during the same period of the preceding year.
The slowdown resulted mainly from slow increases witnessed in the price levels of food and non-alcoholic beverages, transport, furnishing, household equipment and routine maintenance of the house, and miscellaneous goods and services.
