{"id":41410,"date":"2023-03-17T18:28:53","date_gmt":"2023-03-17T18:28:53","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend"},"modified":"2023-03-17T18:48:43","modified_gmt":"2023-03-17T18:48:43","slug":"inflation-continues-on-upward-trend","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend","title":{"rendered":"Inflation continues on upward trend"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE increase in the price of goods and services was steeper in February, and the outlook does not look bright, especially around food, which recorded a 14% increase.<\/p>\n

The Namibian Statistics Agency yesterday released inflation numbers for February, with the month posting a 7,2% rate, a percentage point higher than the January inflation rate.<\/p>\n

This 7,2% is taking the country back to August 2022 when inflation reached a peak of 7,3%.<\/p>\n

Although overall most prices of goods and services have edged up, services inflation continues to weigh on headline inflation, rising at the rate of 3,1% in February 2023, the same rate as the previous month. This is compared to goods inflation, which rose 10,1%.<\/p>\n

Food prices that rose 14% and transport that shot up 9,9% remain the usual drivers of inflation locally, similar to most countries across the globe and the previous months.<\/p>\n

These two categories accounted for 57,1% of the total annual change in inflation last month.<\/p>\n

Housing carries the greatest weight in the consumer price basket, yet accounts for a mere 10,4% of the annual change inflation.<\/p>\n

The zonal inflation rates for last month revealed that Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi) recorded the highest annual inflation rate of 7,6%, followed by Zone 3 (\/\/Kharas, Erongo, Hardap and Omaheke), which recorded an annual inflation rate of 7,3%.<\/p>\n

Zone 2 (Khomas) recorded the lowest annual inflation rate of 6,7%.<\/p>\n

The other highest changes in the annual inflation rate were mainly witnessed in categories such as furnishings, household equipment and routine maintenance of the house (7,6%); alcoholic beverages and tobacco (7.,1%); miscellaneous goods and services (7%); hotels, cafe\u0301s and restaurants (5,4%) and recreation and culture (5,2%).<\/p>\n

Analysts at Simonis Storm Securities said although the year has started off with high rates, they expect a slowdown during the later months, and estimate average inflation to settle at 5,3%.<\/p>\n

The risks of a high inflation rate, however, remain elevated.<\/p>\n

For example, NamPower is expected to raise its tariffs later during the year by between 20% and 25%. This is all pointing to pain at the till.<\/p>\n

Food too, considering the poor rainfall, and load-shedding in South Africa are all indicative of pressures at supply, which, as observed last year sent prices up the roof.<\/p>\n

Simonis analysts said load-shedding in South Africa is preventing farmers from buying livestock from Namibia, as slaughtering activity is limited due to insufficient electricity supply.<\/p>\n

Also, once slaughtered, meat products cannot be properly stored in freezers or fridges once again due to electricity supply disruptions.<\/p>\n

This decline in demand has led to lower livestock prices and so local farmers are not willing to sell at current prices, artificially limiting supply.<\/p>\n

In addition to the above, farmers cannot use irrigation systems at full capacity, so shortages in various horticultural products are forecast.<\/p>\n

This will likely add inflationary pressure to Namibian food prices in coming months and for as long as electricity disruptions remain the order of the day in South Africa.<\/p>\n

Even if farmers use diesel generators to run irrigation systems, this will increase their costs and so will food prices for consumers.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE increase in the price of goods and services was steeper in February, and the outlook does not look bright, especially around food, which recorded a 14% increase. The Namibian Statistics Agency yesterday released inflation numbers for February, with the month posting a 7,2% rate, a percentage point higher than the January […]<\/p>\n","protected":false},"author":84,"featured_media":41408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-41410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nInflation continues on upward trend - Namibia<\/title>\n<meta name=\"description\" content=\"THE increase in the price of goods and services was steeper in February, and the outlook does not look bright, especiall ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation continues on upward trend\" \/>\n<meta property=\"og:description\" content=\"THE increase in the price of goods and services was steeper in February, and the outlook does not look bright, especiall ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-17T18:28:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-17T18:48:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1679065138.08.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Inflation continues on upward trend\",\"datePublished\":\"2023-03-17T18:28:53+00:00\",\"dateModified\":\"2023-03-17T18:48:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend\"},\"wordCount\":515,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/03\/postQueueImg_1679065138.08.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/inflation-continues-on-upward-trend\",\"name\":\"Inflation continues on upward trend - 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