More relief from the price monster
Between May 2019 and May 2020, the lowest annual inflation rate was registered in April 2020 at 1.6%, while the highest rate of 4.1% was witnessed in May 2019.
Phillepus Uusiku - Annual inflation stood at 2.1% in May, down from 4.1% recorded in May last year, a decrease of 2.0 percentage points, says the Namibia Statistic Agency (NSA) in their latest Namibia Consumer Price Index (NCPI) report.
According to NSA, the slowdown in the annual inflation rate between May 2019 and May 2020 emanated mainly from the categories of housing, water, electricity, gas and other fuels - which accounts for 28.4% of the overall basket of NCPI - that declined to -0.6% compared to an increase of 1.9% recorded in May 2019.
Categories that also contributed to the deceleration of the inflation were education that fell to 7.0% from 12.0% recorded in May 2019 and accounts for 3.65% of the overall basket of NCPI.
Furthermore, clothing and footwear fell from 0.0% to -1.3% and accounts for 3.05% of the overall NCPI basket.
Hotels, cafes and restaurants which accounts for 1.39% of the overall NCPI basket also fell from 4.7% to 0.8%, the NSA pointed out.
Between May 2019 and May 2020, the lowest annual inflation rate was registered in April 2020 at 1.6% while the highest rate of 4.1% was witnessed in May 2019, the NSA said.
Zones
With regard to the zones, Zone 2 (Windhoek area) and Zone 3 (eastern, southern and western areas) recorded the lowest inflation rate, while Zone 1 (Northern area) recorded the highest inflation rate.
Zone 1 annual inflation rate fell to 2.3% in May 2020 from 3.3% recorded in May last year, a decrease of 1.0 percentage points.
The decrease in the annual inflation rate resulted mainly from declines in the price levels of transport from 7.6% to 0.4%, alcoholic beverages and tobacco from 6.7% to 0.7%, clothing and footwear from -0.9% to -1.8%, health from 3.85 to 2.4% and housing, water, electricity, gas and other fuels from -0.1% to -0.5%.
The Windhoek area recorded an annual inflation rate of 1.9% compared to 4.1% registered in May a year earlier. The annual inflation rate was 2.2 percentage points lower than the inflation rate recorded in May 2019.
The decrease was mainly witnessed in hotels, cafes and restaurants from 8.9% to 0.4%, education from 15.2% to 6.4%, transport from 6.75% to 0.05%, housing, water electricity, gas and other fuels from 3.3% to -1.1% and alcohol beverage and tobacco from 2.8% to 2.5%.
Lastly, Zone 3 annual inflation rate slowed to 1.9% in April 2020 from 5.1% recorded in May 2019, a decrease of 3.2 percentage points.
The decline was mainly from decreases in prices recorded in all the groups, except for miscellaneous goods services which increased from 1.8% to 4.65% and furnishing, household equipment and routine maintenance of the house which remained steady at 2.6%.
According to NSA, the slowdown in the annual inflation rate between May 2019 and May 2020 emanated mainly from the categories of housing, water, electricity, gas and other fuels - which accounts for 28.4% of the overall basket of NCPI - that declined to -0.6% compared to an increase of 1.9% recorded in May 2019.
Categories that also contributed to the deceleration of the inflation were education that fell to 7.0% from 12.0% recorded in May 2019 and accounts for 3.65% of the overall basket of NCPI.
Furthermore, clothing and footwear fell from 0.0% to -1.3% and accounts for 3.05% of the overall NCPI basket.
Hotels, cafes and restaurants which accounts for 1.39% of the overall NCPI basket also fell from 4.7% to 0.8%, the NSA pointed out.
Between May 2019 and May 2020, the lowest annual inflation rate was registered in April 2020 at 1.6% while the highest rate of 4.1% was witnessed in May 2019, the NSA said.
Zones
With regard to the zones, Zone 2 (Windhoek area) and Zone 3 (eastern, southern and western areas) recorded the lowest inflation rate, while Zone 1 (Northern area) recorded the highest inflation rate.
Zone 1 annual inflation rate fell to 2.3% in May 2020 from 3.3% recorded in May last year, a decrease of 1.0 percentage points.
The decrease in the annual inflation rate resulted mainly from declines in the price levels of transport from 7.6% to 0.4%, alcoholic beverages and tobacco from 6.7% to 0.7%, clothing and footwear from -0.9% to -1.8%, health from 3.85 to 2.4% and housing, water, electricity, gas and other fuels from -0.1% to -0.5%.
The Windhoek area recorded an annual inflation rate of 1.9% compared to 4.1% registered in May a year earlier. The annual inflation rate was 2.2 percentage points lower than the inflation rate recorded in May 2019.
The decrease was mainly witnessed in hotels, cafes and restaurants from 8.9% to 0.4%, education from 15.2% to 6.4%, transport from 6.75% to 0.05%, housing, water electricity, gas and other fuels from 3.3% to -1.1% and alcohol beverage and tobacco from 2.8% to 2.5%.
Lastly, Zone 3 annual inflation rate slowed to 1.9% in April 2020 from 5.1% recorded in May 2019, a decrease of 3.2 percentage points.
The decline was mainly from decreases in prices recorded in all the groups, except for miscellaneous goods services which increased from 1.8% to 4.65% and furnishing, household equipment and routine maintenance of the house which remained steady at 2.6%.
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