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Highest annual inflation rate since 2017 recorded in June – Statistics Agency

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.


 

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Musa Carter

Musa Carter is a long-standing freelance contributor to the editorial team and also an active reporter. He gathers and verifies factual information regarding stories through interviews, observation and research. For the digital Economist, he promotes targeted content through various social networking sites such as the Economist facebook page (/Nameconomist/) and Twitter.

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