Inflation soars in October
SWAKOPMUND – The annual inflation rate in October 2022 increased by 7.1% compared to 3.6% recorded in October 2021. On a monthly basis, the inflation rate increased by 0.2% compared to 0.1% a month earlier.
The statistics were released by the Namibia Statistics Agency (NSA) on Tuesday in the October Namibia Consumer Price Index (CPI) Bulletin.
Transport, food and non-alcoholic beverages continued to be the main contributors to the inflation rate with a contribution of 2.6 percentage points and 1.7 percentage points, respectively.
The zonal inflation rates for the month of October 2022 revealed that zone two (Khomas) recorded the highest annual inflation rate of 7.8% followed by zone three (Hardap, Omaheke, //Kharas and Erongo) at 6.8% and zone one (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi), which recorded an inflation rate of 6.5%.
Analysis of the average retail prices of selected products for the month of October 2022 revealed that consumers in zone three paid the highest price for pure sunflower oil – N$41.85 for 750 millilitres - followed by zone two at N$41.37, while consumers in zone one paid the lowest price of N$39.18.
For brown sugar (one kilogramme), consumers in zone one paid the lowest price at N$17.49, while the highest price was paid by consumers residing in zone two at N$18.92.
The highest changes in the annual inflation rate were mainly witnessed in the categories of transport at 17.8%; hotels, cafes and restaurants at 10.6%; furnishings, household equipment and routine maintenance of the house at 9.6%; food and non-alcoholic beverages 9.1%; and alcoholic beverages and tobacco at 6.7%.
The annual percentage change for the housing, water, electricity, gas, and other fuels component which accounts for 28.4% of the consumer basket, increased by 2.3% during October 2022 compared to 1.1% registered during the same period of the preceding year.