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Annual inflation rises to 7% in January

Annual inflation rises to 7% in January

The annual inflation rate in January 2023 increased by 7%, compared to 4.6% recorded in January 2022, the Namibia Statistics Agency (NSA) announced this week.

The main contributors to the annual inflation rate were food and non-alcoholic beverages contributed (2.6 percentage points); Transport (1.6 percentages points), alcoholic beverages & tobacco (0.8 percentage points), Housing, water, electricity, gas and other fuels (0.7 percentage points) and Miscellaneous goods and services (0.4 percent).

According to the agency, monthly, the inflation rate increased by 1.1% compared to 0.3% recorded a month earlier. From January 2022 to January 2023, the lowest monthly inflation rate of 0.1% was witnessed in May 2022 and September 2022.

Meanwhile, the central bank on Wednesday said overall inflation for 2023, however, is expected to decline to an average of 5.3 %.


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