Business Reporter
THE cost of living increased again in the month of September 2022 as the annual inflation rate continued an upward trend, increasing by 7.1 % compared to 3.5 % recorded in September 2021.
This is according to the Namibia Consumer Price Index released by the Namibia Statistics Agency (NSA). The agency shared that the rising inflation attributed to increasing prices in the Food and Non-Alcoholic beverages component as well as transport.
This inflation rate is expected to push up further with food price increments anticipated from Namib Mills.
“On a monthly basis, the inflation rate increased by 0.1% compared to 0.3% recorded a month earlier. Transport and Food and non-alcoholic beverages components continued to be the main contributors to the annual inflation rate with a contribution of 2.8% and 1.7% respectively,” Alex Shimuafeni, Head Statistician at the NSA, said.
Housing, water, electricity, gas, and other fuels contributed (0.6 percent points) to the inflation rate and Furnishing household equipment and routine maintenance of the house contributed (0.5 percentage points).
The agency also categorised the Khomas region is the most expensive to live in, with it recording the highest annual inflation rate of 7.8% followed by Zone 3 (Hardap, Omaheke, //Kharas and Erongo) at 6.9% and Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi) annual inflation rate stood at 6.6%.
On a monthly basis, Zone 1 and Zone 2 recorded inflation rate of 0. 1% each, while Zone 3 recorded the monthly inflation rate of 0.2%.
Analysis of the average retail prices of a selected product for the month of September 2022 revealed that consumers in Zone 3 paid the highest price for chicken, frozen assorted pieces (1.5kg), at N$76.99 followed by Zone 2 at N$75.24, while consumers in Zone 1 paid the lowest price of N$69.24. For Honey (500g), consumers in Zone 3 paid the lowest price at N$76.43, while the highest price was paid by consumers residing in Zone 2 at N$87.88.
File photo for illustrative purposes only.
