Business Reporter
THE cost of living continued on its upward trend for the month of October 2022, with consumers having to fork out more on the back of increasing transport and food costs.
THE annual inflation rate in October 2022 increased by 7.1% compared to 3.6 % recorded in October 2021.
This is according to statistics released by the Namibia Statistics Agency (NSA), which shared that the inflation rate increased by 0.2 % compared to 0.1 % recorded a month earlier.
The NSA shared 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 2.6% and 1.7% respectively.
The Zonal inflation rates for the month of October 2022 revealed that Zone 2 (Khomas) recorded the highest annual inflation rate of 7.8 %, followed by Zone 3 (Hardap, Omaheke, //Kharas, and Erongo) at 6.8% and Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi), which recorded an annual inflation rate of 6.5 %.
On a monthly basis, Zone 1 and Zone 2 recorded an inflation rate of 0.2 percent each, while Zone 3 recorded the monthly inflation rate of 0.1%.
Analysis of the average retail prices of selected products for the month of October 2022 revealed that consumers in Zone 3 paid the highest price for Pure sunflower oil (750ml) at N$41.85, followed by Zone 2 at N$41.37, while consumers in Zone 1 paid the lowest price of N$39.18.
For brown sugar (1 kg), consumers in Zone 1 paid the lowest price at N$17.49, while the highest price was paid by consumers residing in Zone 2 at N$18.92.
File photo for illustrative purposes only.
