Inflation reaches 3.1% in March
Namibia’s inflation rate stood at 3.1% in March after treading below 3% for 16 consecutive months, Namibia Statistics Agency reported.
Statistician-General Alex Shimuafeni said the growth in the annual inflation rate for March 2021 was mainly as a result of increases recorded in the price levels of food and non-alcoholic beverages (from 2.9% to 6.6%); housing, water, electricity, gas and other fuels (from -0.3% to 1.1%); communication (from 1.1% to 3.3%); alcoholic beverages and tobacco (from 2% to 3.8%); health (from 2.3% to 3.7%) and miscellaneous goods and services (from 6.1% to 6.4%).
During the month under review, Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi recorded annual inflation rate of 2.9%, while Khomas obtained 3% and //Kharas, Erongo, Hardap and Omaheke registered 3.7%.
IJG’s inflation model forecasts an average inflation rate of 3.5% y/y in 2021 and 3.6% in 2022, indicating a gradual increase in the inflation rate over the next two years and that inflation will likely remain relatively low over this period.