Africa-Press – Namibia. NAMIBIA recorded a 3,6 % annual inflation rate for October 2021, up from 2,3% recorded in October 2020, an increase of 1,3 percentage points.
“On a monthly basis, the inflation rate slowed to 0,2 compared to 0,3% recorded a month earlier,” said statistician general Alex Shimuafeni in a preface to the Namibia Consumer Price Index (CPI) for October issued by the Namibia Statistics Agency.
According to the CPI, which is used to calculate the rate of inflation as experienced by consumers, the main contributors to the annual inflation rate for October 2021 were transport (1,5 percentage points), and food and non-alcoholic beverages (1,0 percentage points).
Housing, water, electricity, gas and other fuels, furnishings, household equipment and routine maintenance of the house; and miscellaneous goods and services contributed 0,3 percentage points each, while alcoholic beverages and tobacco, health, and recreation and culture contributed 0,1 percentage points each.
“For the period of October 2020 to October 2021, the lowest rate of -0,2% was recorded in the month of August 2021,” said the CPI report.
The zonal inflation for the month of October 2021 revealed that Zone 1 (covering Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi) and Zone 2 (Khomas) recorded an annual inflation rate of 3,2% and 3,3%, respectively, which was below the national average of 3,6%.
“However, Zone 3 of Erongo, Hardap, Omaheke and //Kharas, on the other hand, registered the highest inflation rate of 4,7% above the national average,” said Shimuafeni, adding that on a monthly basis, Zone 1 and 3 recorded an inflation rate of 0,2% each, while Zone 2 registered a 0,1% rate.
The average retail prices of selected products for the month of October 2021 revealed that consumers in Zone 1 paid the lowest price for eggs at N$17,48 for a pack of six, followed by Zone 2 at N$18,84 while consumers in Zone 3 paid the highest price of N$19,05.
“For Pure Sunflower oil, consumers in Zone 2 paid the highest price at N$27,99 for 750ml, while the lowest price was recorded in Zone 1 at N$26,77,” said the report.
The annual inflation rate for housing, water, electricity, gas and other fuels component, which accounts for 28,4% of the consumer basket, increased by 1,3% during October 2021 compared to a deflation of 1,3% registered in September of the preceding year.
“Food and non-alcoholic beverages, which account for 16,5%, rose by 5,2% during the month of October 2021 compared to 7,1% witnessed during the same period last year,” said the CPI report. On a monthly basis, prices for food and non-alcoholic beverages increased by 0,9% in October 2021 compared to 0,1% recorded in September.
Food accounts for 14,8% of the consumer basket in the CPI. Within the food sub-category, bread and cereals account for the highest weight of food items that consumers purchase, having a weight of 4,8% followed by meat (3,5%).
Sugar, jam, honey, syrups, chocolate and confectionery (1,4%); vegetables and milk, cheese and eggs (1,2%) each. “The inflation rate for the food sub-category increased by 5,4% during the period of review compared to 7,5% recorded during the same period of the preceding year,” said the CPI report.
The annual inflation rate for the transport category which accounts for 14,3% of the consumer basket increased by 10,7% in October 2021 compared to a decline of 1,2% recorded in October 2020.
The increases in the transport component were reflected in the price levels of all subgroups, operation of personal transport equipment that rose by 13,6%, purchase of vehicles (8,9%) and public transportation services (3,5%). Transport monthly inflation rate stood at 0,7% in October 2021 compared to 1,5% recorded in September.
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