November record drop in annual inflation

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WINDHOEK – The average annual inflation stood at 5.7 percent as of November, down from the 6.8 percent in 2012, according to the just released Namibia Consumer Price Index by the Namibia Statistics Agency.

The Transport Index for November was at 107.3 compared to the October’s 106.8, recording an increase of 0.5 percentage points. Increases were recorded in all the sub components comprising the transport group; with purchase of vehicles recording the highest monthly inflation rate of 1.4 percent while the operation of personal transport equipment and public transportation services each recorded 0.1 percent respectively.

The All Items Index stood at 104.7 as compared to 104.5 recorded a month earlier, an increase of 0.2 percentage points. This increase resulted from monthly increases recorded in all the groups comprising the local price index with the exception of housing, water, electricity, gas and other fuels and hotels, cafes and restaurants which recorded declines of 0.1 and 0.3 percent respectively.

The annual inflation rate for food and non-alcoholic beverages was at 4.3 percent, for alcoholic beverages and tobacco at 7.7 percent, while housing, water, electricity, gas and other fuels at 3.1 percent, and transport at 7.3 percent.

Corresponding rates recorded during the same period a year earlier were estimated as food and non-alcoholic beverages at 10.6 percent, alcoholic beverages and tobacco 9.3 percent, housing, water, electricity, gas and other fuels 7.2 percent and transport 6.5 percent.

The annual inflation rates for goods stood 6.0 percent as compared to those for services which were estimated at 2.5 percent indicating that prices of goods accelerated faster than those for services during November.

By Staff Reporter

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