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Inflation averages 2.2% in 2020

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.


 

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys


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