Highest annual inflation rate since 2017 recorded in June – Statistics Agency
The country’s annual inflation rate, measured monthly, increased to 6% in June 2022 compared to 4.1% in June 2021. This was the highest rate recorded since July 2017, according to the Namibia Statistics Agency’s ( NSA) Consumer Price Index Bulletin.
Transport, food and non-alcoholic beverages continued to be the main contributors to June inflation with a contribution of 2.7 percentage points and 1.3 percentage points respectively, Statistician General Alex Shimuafeni said in the bulletin released this week.
According to Shimuafeni, on a monthly basis, Namibia recorded an inflation rate of 1% in June 2022 compared to 0.1% in May.
The growth in the monthly inflation rate was mainly caused by transport which grew by 4.1 % compared to a deflation of 1.2% a month earlier.
According to Shimuafeni, the Zonal inflation rates for the month of June 2022 revealed that Zone 2 (Khomas) recorded the highest annual inflation rate of 6.7 percent followed by Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and the Zambezi) and Zone 3 (Hardap, Omaheke, Kharas, and Erongo) which recorded an annual inflation rate of 5.6% each. On a monthly basis, Zone 1 and Zone 3 each recorded an increase of 1.1% while Zone 2 0.9%.
Shimuafeni further said an analysis of the average retail prices of selected products for the month of June 2022 revealed that consumers in Zone 2 paid the highest price for Lemons (loose) (per kg) at N$29.93 followed by Zone 3 at N$24.50, while consumers in Zone 1 paid the lowest price of N$23.34.
“For Pure Sunflower Oil (750ml), consumers in Zone 1 paid the lowest price at N$39.17, while the highest price was paid by consumers in Zone 3 at N$40.85,” he concluded.