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Annual inflation rate slows to 2.1%

Annual inflation rate slows to 2.1%

Business Reporter

FOR January 2020, the annual inflation in Namibia stood at 2.1% down from 4.7% recorded in January 2019.

 

This signifies a decrease of 2.6% points and according to the Namibia Statistics Agency’s (NSA) January 2020 inflation rate statistics was established by looking at the change in the cost of living over time.

 

The slowdown in the annual inflation rate was mainly due to decreases registered mainly in education (from 12.0% to 5.7%), hotels, cafes and restaurants (from 5.0% to 1.1%), housing, water, electricity, gas and other fuels (from 2.9% to -1% ) and alcohol beverages and tobacco (from 6.4 % to 2.6 %).

 

Food and non-alcoholic beverages also decreased (from 5.7% to 2.2%), transport (from 7.3% to 5.0%), recreation and culture (from 5.5% to 4.3 %) and communications (from 1.2% to 0.7%).

 

Annual inflation Namibia January 2020
Picture for illustrative purposes only

 

During January 2020, the annual inflation rate for the transport component stood at 5.0%, resulting in a decrease of 2.3 percentage points from 7.3% recorded in January 2019.

 

The decrease emanated from declines in the price levels of purchase of vehicles (from 6.0% to 4.6%) and public transport services (from 18.6% to 1.7%).

 

The monthly inflation rate for this group slightly rose to 0.2% from 0.1% registered in a previous month.

 

The monthly inflation rate, however, increased to 0.6% in January 2020 compared to -0.1% recorded in the preceding month.