Inflation rate drops to 5.4% in January
The annual inflation rate for January 2024 has shown a significant decline, standing at 5.4% compared to the 7% recorded in January 2023, according to Namibia Statistics Agency’s (NSA) January Consumer Price Index.
Moreover, on a monthly basis, the inflation rate experienced an uptick, increasing to 1.3% compared to the deflation of 0.1% recorded the previous month, suggesting a potential reversal of the deflationary trend.
According to the NSA, a closer look at the zonal inflation rates for January 2024 reveals intriguing insights.
Zone 2, encompassing the Khomas region, recorded the highest annual inflation rate of 5.7%. This was followed closely by Zone 1, comprising Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi regions, which recorded an inflation rate of 5.5%. Zone 3, including //Kharas, Erongo, Hardap, and Omaheke regions, registered an annual inflation rate of 5%.
Meanwhile, a detailed analysis of average retail prices for selected products in January also sheds light on regional variations. Consumers in Zone 2 faced the highest prices for brown bread, with each loaf costing N$14.18, followed by Zone 1 at N$13.98. Conversely, consumers in Zone 3 enjoyed relatively lower prices, with brown bread priced at N$13.91 per loaf. Similarly, for Pure Sunflower oil (750 ml), consumers in Zone 2 paid the highest price of N$32.42, followed by Zone 1 at N$31.79. Zone 3 again saw the lowest prices, with the same product priced at N$31.38.
