January inflation stood at 0.9%
In January, the annual inflation rate increased to 2.7% from 2.1% recorded in the corresponding period in 2020, while the monthly inflation rate increased to 0.9%, compared to 0% the previous month.
According to the Namibia Statistics Agency (NSA) report, the growth in the annual inflation rate for January 2021 was mainly as a result of increases witnessed in the price levels of communication from 0.7% to 4.1%, food and nonalcoholic beverages (2.2% to 5.2%), alcoholic beverages and tobacco (2.6% to 5%), furnishings and household equipment (2.9% to 4.1%), recreation and culture (4.3% to 4.9%) and health (3.1% to 3.7%).
NSA CEO Alex Shimuafeni said the inflation rate measures the change in the consumer price index for the month under review to the previous month, monthon-month change, as well as to the corresponding month in the previous year, year-on-year change.
“The inflation rate is vital for purposes of economic policymaking, especially the conduct of monetary policy and to consumers in general,” explains Shimuafeni.
The annual inflation rate in the Khomas region was estimated at 3.2% compared to 1% recorded in January 2020.
Monthly, the inflation rate stood at 1% compared to 0% recorded during the previous month.
The analysis of the average retail prices for some of the basic products consumed by the households for January 2021 indicates that for a bag of maize meal (2.5 kg), the Khomas region recorded the lowest price of N$33.92 while zone three which is //Kharas, Erongo, Hardap, and Omaheke recorded the highest price at N$36.09.
For cooking oil (750 ml) the report stated that consumers in the Khomas region paid the lowest price at N$19.98 while the highest price was observed in Zone 3, //Kharas, Erongo, Hardap, and Omaheke again at N$21.40.