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Inflation reaches 3.1% in March

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.


 

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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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