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Inflation rate remains high in July

Inflation rate remains high in July

Business Reporter

IN July 2022, the annual inflation rate increased by 6.8% compared to 4.0% recorded in July 2021.

On a monthly basis, the inflation rate remained unchanged at 1% when compared to a month earlier. This is according to the monthly Consumer Price Index released by the Namibia Statistics Agency (NSA) for the month of July 2022.

The report revealed that the Transport and Food and non-alcoholic beverages components continued to be the main contributors to the annual inflation rate, with a contribution of 3.0 percentage points and 1.5 percentage points respectively.

The Zonal inflation rates for the month of July 2022 revealed that Zone 2 (Khomas) recorded the highest annual inflation rate of 7.7%, followed by Zone 3 (Hardap, Omaheke, //Kharas, and Erongo) at 6.6% and Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi), which recorded an annual inflation rate of 6.2%.

On a monthly basis, Zone 2 and Zone 3 recorded the highest inflation rate of 1.1% each, while Zone 1 recorded the lowest monthly inflation rate of 0.7%.

Analysis of the average retail prices of selected products for the month of July 2022 revealed that consumers in Zone 2 paid the highest price for Brown Bread at N$12.46, followed by Zone 3 at N$11.91, while consumers in Zone 1 paid the lowest price of N$11.48. For Pure Sunflower Oil (750ml), consumers in Zone 1 paid the lowest price at N$39.97, while the highest price was paid by consumers residing in Zone 2 at N$43.22.

UPWARD TREND: Picture for illustrative purposes only.

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