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Food and beverage push inflation up

Food and beverage push inflation up

Business Reporter

 

THE annual inflation rate increased by 3.4% last month, compared to 2.4% recorded in August 2020.

 

For the month of August 2021, food and non-alcoholic beverages were the main driver of inflation, accounting for 27.9 % of the overall inflation change, followed by transport with 25.0%.

 

This is according to the monthly Namibia Consumer Price Index, as released by the Namibia Statistics Agency (NSA).

 

The index examines the monthly inflation rate as experienced by consumers.

 

Picture for illustrative purposes only

 

The annual inflation rate for housing, water, electricity, gas and other fuel components, which account for 28.4% of the consumer basket, increased by 1.6% during August 2021, compared to a deflation of 1.5% registered in August of the preceding year.

 

The increase in the price levels of this category was reflected in the subgroups of regular maintenance and repair of dwellings, which increased from 0.8% to 8.3%; electricity gas and other fuels increased from 0.3 % to 2.8 % and rental payment for dwelling increased from -2.3 % to 1.3 %.

 

The zonal inflation rates for the month of August 2021 revealed that Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi) and Zone 2 (Khomas) each recorded annual inflation rates of 3.1%, while Zone 3 (Erongo, Hardap, Omaheke and //Kharas) registered an inflation rate of 4.5%.

 

On a monthly basis, Zone 2 recorded an inflation rate of 0.0%, while Zone 1 and 3 registered a decline of 0.2% each.

 

The average retail prices of selected products for the month of August 2021 revealed that consumers residing in Zone 1 paid more for washing powder of 1kg at N$48.99, followed by Zone 2 at N$30.99, while consumers in Zone 3 paid more for beer at N$11.05 per 330ml, while consumers in Zone 1 paid the lowest price of N$10.31 per 330ml.

 

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