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Increasing fuel costs devour Namibian wallets

Increasing fuel costs devour Namibian wallets

Business Reporter

THE ever-increasing fuel price has made living costs steeper for Namibian consumers with the inflation rate going up in November 2021, while the northern regions and Khomas are the most expensive areas to live in.

According to statistics released by the Namibia Statistics Agency (NSA) this week, the annual inflation rate increased by 4.1% compared to 2.2 % recorded in November 2020.

On a monthly basis, the inflation rate increased to 0.6 % compared to 0.2 % recorded a month earlier.

Statistician-General at the NSA Alex Shimuafeni explained that the main contributors to the annual inflation rate were transport (1.6 percentage points), as well as food and non-alcoholic beverages (1.0 percentage points).

fuel price Namibian inflation rate November 2021 Khomas
EXPENSIVE: Increasing fuel prices seriously affect Namibian consumers. File photo for illustrative purposes only.

Prices for bread and cereals increased at a slower pace by 2.7 % during November 2021 when compared to 4.5 % registered in November 2020.

The slowdown in the inflation rate for this category was mainly as a result of changes observed in the price levels of mahangu meal (from 15.4 % to -1.4 % ), rice (from 16.2 % to 2.3 %) and mealie rice (from 5.7% to -2.1 %).

Prices for meat were 11.1 % more expensive than a year ago.

The highest inflation rates within this category were observed in chicken which recorded 21.5 %, liver and kidney (16.4 %), and canned meat (14.6 %).

Alcoholic beverages and tobacco, and miscellaneous goods and services each contributed 0.4 percentage points, while housing, water, electricity, gas and other fuels contributed 0.3 percentage points.

Regarding regions which are the most expensive to live in, zonal inflation rates for November revealed that Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi) recorded an annual inflation rate of 4.0 %, while Zone 2 (Khomas) recorded 3.7 %.

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