Transport costs continue to drive inflation higher
Escalating transport costs continue to apply upward pressure on the consumer price index, with transport inflation surging in August, according to the Namibia Statistics Agency.
Transport inflation contributed a hefty 3.3 percentage points to the 7.3% headline increase.
According to an analysis by PSG Namibia, transport price inflation, which accounts for 14.3% of the overall consumer basket, picked up pace in August to reach a new record high of 23.3%.
PSG Namibia’s Trainee Wealth Manager, Anja Steyn said following another round of fuel price hikes in July, as a result of the rising Brent oil price, domestic fuel prices have risen by nearly N$7 per litre since the start of the year.
“Namibian motorists were spared a fuel price hike in August, instead, the rise in transport price inflation in August was driven by base effects in public transport services,” Steyn added.