Namibia: Overall Average Annual Inflation for 2022 Comes in At 6.1 Percent - NSA

13 January 2023
Namibia Economist (Windhoek)

The year-on-year inflation in December last year increased by 6.9% compared to 4.5% recorded in December 2021, the statistics agency (NSA) said this week.

The main contributors to the annual inflation rate were transport (2.2 percentage points); food and non-alcoholic beverages (2.2 percentage points); alcoholic beverages and tobacco (0.6 percentage points) and Housing, water, electricity, gas, and other fuels contributed (0.2 percentages points), the NSA Consumer Price Index (NCPI) bulletin revealed.

On a monthly basis, price levels in Namibia increased by 0.3% during the period under review compared to 0.5% recorded during the previous month.

"From December 2021 to December 2022, the lowest monthly inflation rate of 0.1% was witnessed in May 2022 and September 2022," the bulletin noted.

According to the statistics agency, the main contributors to the monthly inflation rate recorded in December 2022 were mainly food and non-alcoholic beverage (2.2%) and hotels, cafes, and restaurants (0.7%).

Meanwhile, the NSA said overall, for the year 2022, the average annual inflation rate rose by 6.1 % compared to 3.6% registered in the year 2021, mainly driven by transport inflation.

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