21 January 2013

Namibia: Food and Transport Drive Down Inflation

Windhoek — Namibia's annual inflation in December dropped substantially to 6.3 per cent year-on-year from 7.6 per cent in November, which is the first decrease in four months. The decrease can be attributed to food inflation falling to 8.2 per cent year-on-year from 11 per cent in the previous month, while transport inflation also contributed and decreased from 6.7 per cent in November to 5.8 per cent in December.

The December inflation number brings the average inflation for 2012 to 6.5 per cent, compared to average inflation of 5 per cent in 2011. According to the Namibia Statistics Agency the monthly inflation rate for December 2012 was -0.4 per cent, as compared to the November 2012 rate of 0.6 per cent, representing a decline of one percentage point.

Local stock brokerage, Simonis Storm, last week released their forecast for average inflation for 2013 at 6.2 per cent, compared to the average of 6.5 per cent recorded in 2012.

The All Items Index for December decreased by 0.8 percentage points down from 198.7 recorded in November to 197.9. The index for food and non-alcoholic beverages for December 2012 dropped to 235.5 from 238.2 recorded in November 2012 registering a monthly decrease of about 2.7 percentage points.

The NSA says this fall was due to declines recorded in all the subgroups comprising the food and non-alcoholic beverages group with the exception of fruits; oils and fats; and fish, which recorded increases of 2.2, 0.5 and 0.4 per cent respectively.

The annual inflation rate for December 2012 stood at 6.3 per cent as compared to 7.2 per cent recorded during the same period last year. The major groups comprising the Namibia CPI annual inflation rates were food and non-alcoholic beverages (8.2 per cent), housing, water, electricity, gas and other fuels (7.6 per cent) and transport (5.8 per cent).

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