Select Page

Overall inflation for this year now projected to around 6% – BoN

Overall inflation for this year now projected to around 6% – BoN

The overall inflation rate is now projected to average around 6% for 2022, more than the previous forecast of 4.4%.

This was highlighted by Bank of Namibia Governor, Johannes !Gawaxab during a Monetary Policy announcement this week.

!Gawaxab said although overall inflation remains within a reasonable range, its food and transport components are expected to remain elevated and continue to have a disproportionate effect on the low-income segment of the society, and therefore require close monitoring.

“Domestic inflationary pressures are building up. Inflation averaged 4.5% during the first two months of 2022, compared to 2.7% in the corresponding period of 2021,” he explained.

According to Gawaxab, the rise in inflation was mainly driven by an increase in transport inflation, on account of a rise in international oil prices.


About The Author

News Service

News Services form an indispensable part of the newsroom toolbox. In Africa, there are several advanced providers of information, some servicing the entire continent while others are more regional, or country specific. The Namibia Economist employs a wide spectrum of local, regional, continental and international News Services.

Rain Rate >UTC + 2 hrs = Namibian Time<