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Annual inflation rate in February hits 7.2% – NSA

Annual inflation rate in February hits 7.2% – NSA

The annual inflation rate in February 2023 increased by 7.2% compared to 4.5% recorded in February 2022, the statistics agency (NSA) said in the latest consumer price index figures released on Wednesday.

The main contributors to the annual inflation rate were food and non-alcoholic beverages (2.6 percentage points); transport (1.5 percentages points), alcoholic beverages & tobacco (1.0 percentage points), housing, water, electricity, gas, and other fuels (0.7 percentage points); miscellaneous goods and services; and furnishing household equipment and routine maintenance of the house (each contributed 0.4 percentage points).

According to the NSA, monthly, the inflation rate increased by 0.4% compared to the 1.1% recorded a month earlier.

The NSA said the Zonal inflation rates for February 2023 revealed that Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi) recorded the highest annual inflation rate of 7.6%, followed by Zone 3 (||Kharas, Erongo, Hardap, Omaheke) recording an annual inflation rate of 7.3% while Zone 2 (Khomas), recorded the lowest annual inflation rate of 6.7%.

“Monthly, Zone 1 registered an inflation rate of 0.5%, Zone 2 recorded 0.4% and Zone 3 recorded an inflation rate of 0.3%,” the NSA added.

Meanwhile, the analysis of the average retail prices for some of the basic products consumed by the households for February 2023, indicates that for chicken, frozen assorted pieces (1.5kg), consumers in Zone 2 paid the lowest price at N$84.77 while the highest price was observed in Zone 1 at N$111.93. For brown bread, consumers in Zone 3 paid the least at N$13.32, while consumers in Zone 2 paid the highest at N$14.19.


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