Price monster cheesed off in March
Namibia’s overall inflation rate last month was 4.5%, up from 4.4% in February and 3.5% a year ago.
Jo-Maré Duddy – Dairy products last month recorded an annual inflation rate of 4.8% - a significant jump from 0.1% in February and 0.7% in January.
The Namibian consumer spends nearly 8% of his food budget on milk, eggs and cheese.
Data released by the Namibia Statistics Agency (NSA) shows overall food inflation in March was 6.1%, slightly lower than the 6.2% of the previous month and on par with January’s figure. In March 2018, overall food inflation was 2.9%.
Food carries the second biggest weight in the national consumer basket – out of every N$100 disposable income in the consumer’s pocket, N$16.45 is spent on food.
Bread and cereals, the heavyweight in the food basket, had an annual rate of 9.9%, slightly down from 10.1% in February. A year ago, the rate was 1.5%.
Nearly is third of the consumer’s food budget is used to buy bread and cereals.
Meat, the second most important item on the consumer food shopping list gobbling up nearly 24% on his budget, cooled down from 3.6% in the first two months of the year to 3.1%. A year ago, it was a tough 7.8%.
Vegetables, with a portion of about 8%, simmered down from 18.8% in January and 16.4% the next month to 12.6% in March. A year ago, it was a palatable 2.4%.
Sugar and fruit
Sugar, jams and confectionery came in at a sweet 2.6% compared to 3.9% and 4.5% the previous two months. In March 2018, the rate was 3.4%.
With a weight of 9.7% in the food basket, the planned sugar tax announced by finance minister Calle Schlettwein in his budget recently is bound to have a significant impact on the consumer.
The annual inflation rate for fish scaled up to 5.1% in March after recording lows of 1.4% and 0.1% in January and February respectively. A year ago, it was 3.1%. Fish carries a weight of 5.5 in the food basket.
Fruit inflation remained high, increasing from 8.5% in January and 9% in February to 9.8%. In March 2018, fruit inflation was 8.4%. The consumer spends only 2.2% of his food budget on fruit.
Oils and fats, with a weight of 5.3%, recorded a rate of 1.1% last month – down from 3.8% and 2.6% in January and February respectively. A year ago, the rate was 2%.
Transport
Overall transport inflation braked at 7% last month, the lowest rate since May last year. A year ago, the rate was 5.4%.
Public transport services, a sub-category of transport, recorded a rate of 20.1%. The rate has been accelerating steadily since last September following hikes in taxi fares. In March 2018, the rate was 1.8%.
The sub-category, operation of personal transport equipment, which includes fuel prices, recorded a rate of 4.6% last month. This is the lowest rate since February 2017.
Transport carries the third biggest weight in the consumer basket with N$14.28 out of every N$100 disposable income spent on it.
Housing, water and electricity – the heaviest item in the national consumer basket – recorded a rate of 2.1% last month. In February it was 1.9% and a year ago it was 3.3%.
Housing, water and electricity carries a weight of 28.36% in the consumer basket.
The Namibian consumer spends nearly 8% of his food budget on milk, eggs and cheese.
Data released by the Namibia Statistics Agency (NSA) shows overall food inflation in March was 6.1%, slightly lower than the 6.2% of the previous month and on par with January’s figure. In March 2018, overall food inflation was 2.9%.
Food carries the second biggest weight in the national consumer basket – out of every N$100 disposable income in the consumer’s pocket, N$16.45 is spent on food.
Bread and cereals, the heavyweight in the food basket, had an annual rate of 9.9%, slightly down from 10.1% in February. A year ago, the rate was 1.5%.
Nearly is third of the consumer’s food budget is used to buy bread and cereals.
Meat, the second most important item on the consumer food shopping list gobbling up nearly 24% on his budget, cooled down from 3.6% in the first two months of the year to 3.1%. A year ago, it was a tough 7.8%.
Vegetables, with a portion of about 8%, simmered down from 18.8% in January and 16.4% the next month to 12.6% in March. A year ago, it was a palatable 2.4%.
Sugar and fruit
Sugar, jams and confectionery came in at a sweet 2.6% compared to 3.9% and 4.5% the previous two months. In March 2018, the rate was 3.4%.
With a weight of 9.7% in the food basket, the planned sugar tax announced by finance minister Calle Schlettwein in his budget recently is bound to have a significant impact on the consumer.
The annual inflation rate for fish scaled up to 5.1% in March after recording lows of 1.4% and 0.1% in January and February respectively. A year ago, it was 3.1%. Fish carries a weight of 5.5 in the food basket.
Fruit inflation remained high, increasing from 8.5% in January and 9% in February to 9.8%. In March 2018, fruit inflation was 8.4%. The consumer spends only 2.2% of his food budget on fruit.
Oils and fats, with a weight of 5.3%, recorded a rate of 1.1% last month – down from 3.8% and 2.6% in January and February respectively. A year ago, the rate was 2%.
Transport
Overall transport inflation braked at 7% last month, the lowest rate since May last year. A year ago, the rate was 5.4%.
Public transport services, a sub-category of transport, recorded a rate of 20.1%. The rate has been accelerating steadily since last September following hikes in taxi fares. In March 2018, the rate was 1.8%.
The sub-category, operation of personal transport equipment, which includes fuel prices, recorded a rate of 4.6% last month. This is the lowest rate since February 2017.
Transport carries the third biggest weight in the consumer basket with N$14.28 out of every N$100 disposable income spent on it.
Housing, water and electricity – the heaviest item in the national consumer basket – recorded a rate of 2.1% last month. In February it was 1.9% and a year ago it was 3.3%.
Housing, water and electricity carries a weight of 28.36% in the consumer basket.
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