Inflation averages 2.2% in 2020
The annual average inflation rate for 2020 was 2.2%, compared to 3.7% in 2019 and 4.3% in 2018, according to the Namibian Statistics Agency (NSA).
The lack of demand for both goods and services due to the COVID-19 pandemic has led to low inflationary pressure in Namibia, with the month of December 2020 recording a rate increased marginally to 2.4% in December, following the 2.2% increase in prices recorded in November, the agency said.
According to the NSA, prices in the overall Namibia Consumer Price Index (NCPI) basket remained steady on a month-on-month basis, an indication of the subdued inflationary pressure currently being experienced.
Meanwhile, the agency said the food & non-alcoholic beverages category was the largest contributor to annual inflation in December, accounting for 1.3% of the total 2.4% annual inflation rate.
“The alcoholic beverages and tobacco basket item, the third-largest basket item by weighting, was the second-largest contributor to the annual inflation rate in December,” they concluded.