Namibia’s headline annual inflation rate for October 2024 stood at 3%, compared to 6% registered in October 2023.
Zone 2, which includes the Khomas region, recorded the highest rate of 4.2%.
This is noted by statistician general Alex Shimuafeni in the Namibia Consumer Price Index (NCPI) bulletin report for October 2024, released yesterday.
The report examines the monthly inflation rate performance in Namibia on a monthly basis, with the inflation rate witnessing an increase of 0.4% compared to a deflation of 0.2% recorded a month ago, he said.
Zone 1, encompassing the Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi regions, and Zone 3, covering the //Kharas, Erongo, Hardap and Omaheke regions, each recorded an annual inflation rate of 2.3%.
The analysis of the average retail prices of selected products for October 2024 revealed that consumers in Zone 1 paid the highest price for petrol per litre, at N$20.93; followed by Zone 3 consumers at N$20.89; while consumers in Zone 2 paid the lowest price of N$20.74.
“In addition, consumers in Zone 2 paid the highest price for pure sunflower per 750ml, at N$31.30; followed by consumers in Zone 3 at N$30.89; while consumers in Zone 1 paid the lowest price of N$30.62,” said Shimuafeni.
The report notes that the main contributors to the annual inflation rate of 3% in October 2024 were “housing, water, electricity, gas and other fuels”, contributing 1.1 percentage points; followed by food and non-alcoholic beverages, contributing 1 percentage point; and alcoholic beverages and tobacco, adding 0.7 percentage points.
“The highest change in the annual inflation rates was in the hotels, cafés and restaurants categories – at 5.4%; food and non-alcoholic beverages (5.1%); alcoholic beverages and tobacco (4.8%); and recreation and culture (4.7%),” notes the report.
The housing, water, electricity, gas and other fuels component accounts for 28.4% of the consumer basket. The annual inflation rate for this category recorded an increase of 4.4% during October 2024, compared to an increase of 3.3% in October 2023.
Food and non-alcoholic beverages, which accounts for 16.5% of the NCPI basket, registered an annual inflation rate of 5.1% in October 2024, compared to 9.4% recorded during October 2023.
The food sub-category accounts for 14.8% of the consumer basket in the NCPI.
Within the food sub-component, bread and cereals account for the highest weight of food items that consumers purchase, with a weight of 4.8%, followed by meat 3.5%; sugar, jam, honey, syrups, chocolate and confectionery 1.4%); vegetables and milk, cheese, and eggs account for 1.2% each.
The fish subcomponent registered an annual inflation rate of 2.7% in October 2024, compared to the 15.5% recorded in October 2023.
Prices of vegetables, including potatoes and other tubers, increased by 5.5% in October 2024 compared to 15.4% in October 2023.
On average, prices of milk, cheese and eggs rose by 2.0% in October 2024, compared to 12.4% observed during October 2023.
– email: matthew@namibian.com.na
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