Price monster continues to favour consumers
The monthly inflation rate decreased to 0.2 % in June 2020 compared to 0.4% recorded in the preceding month.
Phillepus Uusiku
During the month of June, annual inflation stood at 2.1%, down from 3.9% recorded in June 2019, a decrease of 1.8 percentage points, this is according Namibia Statistic Agency (NSA) Namibia consumer price index (NCPI) report.
The slowdown in the annual inflation rate between June 2019 and June 2020 emanated mainly from the categories of transport, which accounts for 14.28 % of the overall basket of NCPI, that declined to -0.8% compared to 7.0% recorded in June 2019, NSA says.
Other categories that contributed to the deceleration of the annual inflation rate were education that fell to 7.0% from 12.0% recorded in June 2019 that accounts for 3.65%t of the overall basket of NCPI.
Hotels, cafes and restaurants fell from 5.4% to 0.9% and accounts for 1.39 percent of the overall NCPI basket, while clothing and footwear also fell from 1.0% to -1.8% that accounts for 3.05% of the overall NCPI basket.
Moreover, housing, water, electricity, gas and other fuels fell from 2.0 % to -0.6 % and accounts for 28.4 % of the overall basket of NCPI.
Finally, alcoholic beverages and tobacco fell from 5.5% to 3.6% which accounts for 12.59 % of the overall NCPI basket, NSA added.
The fall in inflation however, does not mean that commodity prices has decreased, it has rather increased at a slow pace in comparison to the previous period.
Zones
With regard to the zones, Zone 1 (northern part) the annual inflation rate fell to 2.4% in June 2020 from 3.5% recorded in June last year, a decrease of -1.2 percentage points.
The decrease in the annual inflation rate resulted mainly from declines in the price levels of transport from 7.3 % to -0.4%, alcoholic beverages and tobacco from 6.6 % to 3.0 %, clothing and footwear from -0.3 % to -2.2 %, health from 3.9 % to 3.2% and housing, water, electricity, NSA says.
Zone 2 (Windhoek) annual inflation rate stood at 2.1% lower than 3.7% recorded in June 2019. The decrease was mainly witnessed in education from 15.2 % to 6.4 %, hotels, cafes and restaurants from 9.7% to 0.7 %, clothing and foot wear from -0.25% to -2.0%.
Finally, Zone 3 (eastern, western and southern part) the annual inflation rate slowed to 1.8 percent in June 2020 from 4.9 percent recorded in June 2019.
The decline resulted from decreases recorded in all groups, except for furnishings, household equipment and routine maintenance of the house which increased from 1.1 % to 3.7%, recreation and culture 2.2 % to 2.8 %, hotels, cafes and restaurants 1.3% to 2.1%, NSA pointed out.
During the month of June, annual inflation stood at 2.1%, down from 3.9% recorded in June 2019, a decrease of 1.8 percentage points, this is according Namibia Statistic Agency (NSA) Namibia consumer price index (NCPI) report.
The slowdown in the annual inflation rate between June 2019 and June 2020 emanated mainly from the categories of transport, which accounts for 14.28 % of the overall basket of NCPI, that declined to -0.8% compared to 7.0% recorded in June 2019, NSA says.
Other categories that contributed to the deceleration of the annual inflation rate were education that fell to 7.0% from 12.0% recorded in June 2019 that accounts for 3.65%t of the overall basket of NCPI.
Hotels, cafes and restaurants fell from 5.4% to 0.9% and accounts for 1.39 percent of the overall NCPI basket, while clothing and footwear also fell from 1.0% to -1.8% that accounts for 3.05% of the overall NCPI basket.
Moreover, housing, water, electricity, gas and other fuels fell from 2.0 % to -0.6 % and accounts for 28.4 % of the overall basket of NCPI.
Finally, alcoholic beverages and tobacco fell from 5.5% to 3.6% which accounts for 12.59 % of the overall NCPI basket, NSA added.
The fall in inflation however, does not mean that commodity prices has decreased, it has rather increased at a slow pace in comparison to the previous period.
Zones
With regard to the zones, Zone 1 (northern part) the annual inflation rate fell to 2.4% in June 2020 from 3.5% recorded in June last year, a decrease of -1.2 percentage points.
The decrease in the annual inflation rate resulted mainly from declines in the price levels of transport from 7.3 % to -0.4%, alcoholic beverages and tobacco from 6.6 % to 3.0 %, clothing and footwear from -0.3 % to -2.2 %, health from 3.9 % to 3.2% and housing, water, electricity, NSA says.
Zone 2 (Windhoek) annual inflation rate stood at 2.1% lower than 3.7% recorded in June 2019. The decrease was mainly witnessed in education from 15.2 % to 6.4 %, hotels, cafes and restaurants from 9.7% to 0.7 %, clothing and foot wear from -0.25% to -2.0%.
Finally, Zone 3 (eastern, western and southern part) the annual inflation rate slowed to 1.8 percent in June 2020 from 4.9 percent recorded in June 2019.
The decline resulted from decreases recorded in all groups, except for furnishings, household equipment and routine maintenance of the house which increased from 1.1 % to 3.7%, recreation and culture 2.2 % to 2.8 %, hotels, cafes and restaurants 1.3% to 2.1%, NSA pointed out.
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