Annual inflation comes in at 6.3% in May
The annual inflation rate stood at 6.3% in May 2023 compared to 5.4% in May 2022, according to the Namibia Statistics Agency.
The main contributors in May 2023 were food and non-alcoholic beverages; and alcoholic beverages & tobacco, the latest consumer price index (NCPI) revealed.
Food and non-alcoholic beverages increased by 12.5% and contributed 2.4 percentage points to the overall CPI annual rate of 6.3%. This was followed by alcoholic beverages & tobacco that increased by 7.5% and contributed 1.0 percentage points to the overall CPI annual rate for May 2023,” the statistics agency added.
On a month-on-month basis, the inflation rate stood at 0.2% compared to 0.4% registered during the preceding month.
Meanwhile, at the Zonal level for May 2023, Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi) and Zone 3 (||Kharas, Erongo, Hardap, Omaheke) recorded the highest annual inflation rates of 6.3% each while Zone 2 (Khomas) recorded the lowest annual inflation rate of 6.2%.
Analysis of the average retail prices of selected products for May 2023 revealed that consumers in Zone 2 paid the highest price for Pure sunflower (750 ml) at N$36.86 followed by Zone 1 at N$35.38, while consumers in Zone 3 paid the lowest price of N$34.42. For Brown bread (standard loaf), consumers in Zone 3 paid the lowest price at N$13.24 while the highest price was paid by consumers residing in Zone 2 at N$14.33, the statistics agency concluded.
