Select Page

Year on year inflation in April comes in at 6.1%

Year on year inflation in April comes in at 6.1%

The year-on-year inflation rate stood at 6.1% in April 2023 compared to 5.6% recorded in April 2022, Namibia’s Statistics Agency (NSA) said Thursday.

According to the country’s consumer price index (CPI) bulletin for April released by the NSA, the monthly inflation rate slowed to 0.4% down from 0.6% registered during the preceding month.

The major contributors to the annual inflation rate for April 2023 were food and non-alcoholic beverages (2.5 percentage points); alcoholic beverages & tobacco (0.9 percentage point); housing, water, electricity, gas, and other fuels (0.7 percentage points); and transport (0.6 percentage points) while all other division contribution stood at 1.5 percentage points.

According to the NSA data, based on the price movements at the zonal level for April 2023, Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi) recorded the highest annual inflation rate of 6.3%, followed by Zone 3 (Kharas, Erongo, Hardap, Omaheke) recording an inflation rate of 6% while Zone 2 (Khomas) recorded the lowest annual inflation rate of 5.9%.

On a monthly basis, Zone 2 and 1 recorded the highest monthly price changes of 0.6% and 0.3% and Zone 3 recorded the slightest monthly change of 0.2%.

Meanwhile, the average retail prices of selected products for April 2023 revealed that consumers in Zone 2 paid the highest price for cooking oil (750 ml) at N$36.89 while consumers in Zone 1 paid the lowest price of N$36.07.

For white bread (standard loaf), consumers in Zone 2 paid the lowest price at N$13.16 while the highest price was paid by consumers residing in Zone 3 at N$13.70.

In April, Namibia’s central bank also revised the overall inflation for 2023 upwards where it is projected to average 6.1% from a forecast of 5.3%.


About The Author

The Staff Reporter

The staff reporter is the most senior in-house Economist reporter. This designation is frequently used by the editor for articles submitted by third parties, especially businesses, but which had to be rewritten completely. - Ed.

Rain Rate >UTC + 2 hrs = Namibian Time<