Namibia: Inflation Records Second Consecutive Uptick
The annual inflation rate ticked up to 2.7% in January, following the 2.4% increase in prices recorded in December, the Namibian Statistics Agency reported.
Overall consumer prices increased by 0.9% during the month under review, with prices for goods increasing by 3.2%, while prices for services increased by 2%.
During January, prices for food and non-alcoholic beverage prices increased by 5.2%, moderating from the 7.6% recorded in December. The largest increases were observed in the fruit and vegetable prices, at 13.6% and 12.4% respectively. Fish prices saw a marginal price decrease of 0.3%.
Meanwhile, alcohol and tobacco prices, made up approximately 12.6% of overall inflation, being the second highest contributor to the annual inflation rate in January. Tobacco prices increased by 10.3% while alcohol prices rose by 3.8%. Financial services sub-category recorded a rather hefty price increase of 27.2% in January.
Despite this consecutive uptick, Namibia’s annual inflation rate continues to trend lower than that of neighbouring South Africa, which stood at 3.1% in December 2020.Namibia Economist.
