Namibia: Domestic Inflationary Pressures Continued to Ease Year-to-Date - Central Bank

19 June 2024
Namibia Economist (Windhoek)

Domestic inflationary pressures continued to ease year-to-date, the central bank said this week during the announcement of the Monetary Policy.

On average, inflation slowed to 4.9% during the first five months of 2024, compared to 6.8% during the same period in 2023.

"The deceleration was predominantly due to lower food inflation. Since the previous MPC meeting, however, monthly annual inflation outcomes have edged up to 4.9% in May 2024, relative to 4.5% for March 2024, attributed to increases in transport and housing inflation" Bank Of Namibia governor, Johannes!Gawaxab said in a statement.

Going forward, !Gawaxab said average the inflation is projected to moderate from 5.9% in 2023 to 4.9% in 2024 and 4.5% in 2025.

Meanwhile, !Gawaxab said the Monetary Policy Committee decided to keep the repo rate unchanged at 7.75%. Likewise, the prime lending rate remains steady at 11.50%.

"This policy stance will continue to safeguard the one-to-one link between the Namibia Dollar and the South African Rand and support domestic economic activity," he concluded.

Read the original article on Namibia Economist.

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