Price monster remains meek in Feb
Annual overall inflation in Namibia last month was 2.5%, up slightly from the 2.1% recorded in January.
Phillepus Uusiku- Namibia’s annual inflation rate slowed to 2.5% in February from 4.4% recorded in the same month last year, according to the Namibia Statistics Agency (NSA).
The slowdown of annual inflation is attributed by the decline of 0.5% that was registered in housing, water, electricity, gas and other fuels category compared to a growth of 1.9 percent recorded during the same period a year earlier. This category accounts for 28.4% of the overall Namibia consumer price index (NCPI) basket, the NSA said.
Another category that contributed to the deceleration of the inflation was the food and non-alcoholic beverages which recorded a reduction 2.8% compared to 5.9% recorded in February 2019. This category accounts for 16.5% of the overall NCPI basket, NSA added.
This, however, does not mean that prices have decreased, but have rather increased at a low pace compared to the previous year.
Zones
With regard to the zones, Zone 2 (Windhoek) recorded the lowest annual inflation rate of 2.1% in February compared to 4.4% recorded the previous year.
Zone 3 (Gobabis, Swakopmund, Mariental and Keetmanshop) and Zone 1 (Katima Mulilo, Oshakati and Otjiwarongo) recorded an annual inflation rate of 2.4% and 2.8 respectively compared to 4.9% and 4.1% recorded in the previous year.
The decrease in the annual inflation rate for Zone 1 was mainly attributed by the declines in the price levels of education from 12.6% to 5.3%, transport from 8.9% to 3.7% alcoholic and tobacco from 6.1% to 3.8%, food and non-alcoholic beverage from 5.6% to 3.5% and clothing and footwear from 0.9% to -1.5%.
As for Zone 2, a decline was noticed in the price levels of food and non-alcoholic beverages from 5.7% to 1.6%, alcoholic beverages and tobacco from 5.6% to -0.6%, clothing and footwear from 1.2% to -1.7%, housing, water, electricity, gas and other fuels from 3.3% to -1.1%, recreation and culture from 8.0% to 5.3% and hotels, cafes and restaurants from 8.2% to 4.3%, the NSA said.
The price levels of all the categories in Zone 3 declined with the exception of miscellaneous goods and services, which increased from 0.9% to 5.6%, the NSA pointed out.
Inflation is restricted by weak commodity prices which is great news for consumers as they will still be able to afford their usual basket of goods and services, and maintain their consumption over time in this tough economic time that Namibia is experiencing.
The slowdown of annual inflation is attributed by the decline of 0.5% that was registered in housing, water, electricity, gas and other fuels category compared to a growth of 1.9 percent recorded during the same period a year earlier. This category accounts for 28.4% of the overall Namibia consumer price index (NCPI) basket, the NSA said.
Another category that contributed to the deceleration of the inflation was the food and non-alcoholic beverages which recorded a reduction 2.8% compared to 5.9% recorded in February 2019. This category accounts for 16.5% of the overall NCPI basket, NSA added.
This, however, does not mean that prices have decreased, but have rather increased at a low pace compared to the previous year.
Zones
With regard to the zones, Zone 2 (Windhoek) recorded the lowest annual inflation rate of 2.1% in February compared to 4.4% recorded the previous year.
Zone 3 (Gobabis, Swakopmund, Mariental and Keetmanshop) and Zone 1 (Katima Mulilo, Oshakati and Otjiwarongo) recorded an annual inflation rate of 2.4% and 2.8 respectively compared to 4.9% and 4.1% recorded in the previous year.
The decrease in the annual inflation rate for Zone 1 was mainly attributed by the declines in the price levels of education from 12.6% to 5.3%, transport from 8.9% to 3.7% alcoholic and tobacco from 6.1% to 3.8%, food and non-alcoholic beverage from 5.6% to 3.5% and clothing and footwear from 0.9% to -1.5%.
As for Zone 2, a decline was noticed in the price levels of food and non-alcoholic beverages from 5.7% to 1.6%, alcoholic beverages and tobacco from 5.6% to -0.6%, clothing and footwear from 1.2% to -1.7%, housing, water, electricity, gas and other fuels from 3.3% to -1.1%, recreation and culture from 8.0% to 5.3% and hotels, cafes and restaurants from 8.2% to 4.3%, the NSA said.
The price levels of all the categories in Zone 3 declined with the exception of miscellaneous goods and services, which increased from 0.9% to 5.6%, the NSA pointed out.
Inflation is restricted by weak commodity prices which is great news for consumers as they will still be able to afford their usual basket of goods and services, and maintain their consumption over time in this tough economic time that Namibia is experiencing.
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