Annual inflation in August lands at 4.7% – Consumer price index
The country’s statistics agency (NSA) announced that the annual inflation rate in August 2023 was 4.7%, down from 7.3% in August 2022.
The NSA in the consumer price index (NCPI) announcement for August noted that the major contributors to the inflation were food and non-alcoholic beverages (1.9 percentage points); alcoholic beverages and tobacco (1.1 percentage points); and housing, water, electricity, gas, and other fuels (0.7 percentage points).
According to the NCPI, on a month-on-month basis, the inflation rate for August 2023 was 0.4%, in comparison to the 0.3% registered during the preceding month.
At the Zonal level for August, Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi regions) exhibited the highest annual inflation rates of 5.3%, followed by Zone 2 (Khomas region) with an annual inflation rate of 4.5 % while Zone 3 (// Kharas, Erongo, Hardap, Omaheke regions) recorded the least annual inflation rate of 4%.
Analysis of the average retail prices of selected products for August 2023 revealed that consumers in Zone 2 paid the highest price for White bread (standard loaf) at N$14.55 followed by Zone 1 at N$14.24, while consumers in Zone 3 paid the lowest price of N$13.82. For Brown sugar (1 kg), consumers in Zone 3 paid the lowest price of N$18.83 while the highest price was paid by consumers residing in Zone 2 at N$20.69.
The central bank meanwhile in August, lowered its inflation projection for 2023 to an average of 5.6%.