Fruit best thing since sliced bread
Jo-Maré Duddy – Figures released by the Namibia Statistics Agency (NSA) yesterday show that annual inflation for fruit last month entered deflationary territory for the first time in more than five years.
Deflation, according to Investopedia, is a general decrease in the price level.
Fruit joined some other items in the food basket which haven’t been eating the consumer alive in recent months. Bread and cereals have been in deflation for five consecutive months, while oils and fats have shown negative inflation for the past three months.
The price monster unfortunately seems to be longing for vegetables again. After five months in deflation, vegetables recorded annual inflation of 2.1% in September. Compared to the same month last year when the rate was 13.2%, the price monster hasn’t got the munchies yet.
Fruit recorded an annual rate of -1.7% last month, drastically down from 6.8% in August. A year ago, fruit inflation was a sour 17.8%. According to the NSA’s archives, the rate hasn’t been this low since March 2012 when it hit -1.74%.
In general, overall food inflation in Namibia has been on a downward trend in 2017. Last month it slowed from 4.2% in August to 3.8%. A year ago it was 12.4%.
Slowing food inflation has brought Namibians great relief as it carries the second biggest weight in the consumer basket. Its weight of 16.45 means a consumer uses N$16.45 out of every N$100 to buy food and non-alcoholic beverages.
Except for fish and meat, all food items in the consumer basket had a lower inflation rate than a year ago. Fish, however, registered an annual rate of 18.2% compared to 16.5% in September 2016. Meat inflation increased from 7.9% to 9.4%.
September’s rate for the other major categories in the basket was: housing water and electricity 8.9% (August: 8.3% and September 2016: 8.0%); transport 3.9% (2.0% and 3.3%); and alcoholic beverages and tobacco 5.3% (4.8% and 5.2%).
Namibia’s overall annual inflation rate in September was 5.6%, up from 5.4% the previous month. In September 2016 overall inflation stood at 6.9%.
Deflation, according to Investopedia, is a general decrease in the price level.
Fruit joined some other items in the food basket which haven’t been eating the consumer alive in recent months. Bread and cereals have been in deflation for five consecutive months, while oils and fats have shown negative inflation for the past three months.
The price monster unfortunately seems to be longing for vegetables again. After five months in deflation, vegetables recorded annual inflation of 2.1% in September. Compared to the same month last year when the rate was 13.2%, the price monster hasn’t got the munchies yet.
Fruit recorded an annual rate of -1.7% last month, drastically down from 6.8% in August. A year ago, fruit inflation was a sour 17.8%. According to the NSA’s archives, the rate hasn’t been this low since March 2012 when it hit -1.74%.
In general, overall food inflation in Namibia has been on a downward trend in 2017. Last month it slowed from 4.2% in August to 3.8%. A year ago it was 12.4%.
Slowing food inflation has brought Namibians great relief as it carries the second biggest weight in the consumer basket. Its weight of 16.45 means a consumer uses N$16.45 out of every N$100 to buy food and non-alcoholic beverages.
Except for fish and meat, all food items in the consumer basket had a lower inflation rate than a year ago. Fish, however, registered an annual rate of 18.2% compared to 16.5% in September 2016. Meat inflation increased from 7.9% to 9.4%.
September’s rate for the other major categories in the basket was: housing water and electricity 8.9% (August: 8.3% and September 2016: 8.0%); transport 3.9% (2.0% and 3.3%); and alcoholic beverages and tobacco 5.3% (4.8% and 5.2%).
Namibia’s overall annual inflation rate in September was 5.6%, up from 5.4% the previous month. In September 2016 overall inflation stood at 6.9%.
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