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Inflation remains constant

12/01/2018
by Kelvin Chiringa
Business

The annual inflation rate for December 2017 stood at 5.2% compared to 7.3% registered in December 2016, while on a monthly basis it stood at 0.2 percent compared to 0.3% registered in the preceding month, Namibia Statistics Agency chief Executive Officer Alex Shimuafeni has announced. 

“Although the annual inflation rate has remained constant at 5.2% for the past 3 months (October to December 2017), the actual indices were 127.9, 128.2 and 128.4 respectively,” Shimuafeni said. 

The main drivers of the annual inflation rate for the month of December 2017, were mainly housing, water, electricity, gas and other fuels (9.2 percent), education (7.8 percent) and transport (6.7 percent).

The annual inflation for food and non-alcoholic beverages stood at 2.4% in December 2017 compared to 12.5% registered during the same period last year, a decrease of 10.1%.

 The slowdown in this group emanated from decreases recorded mainly in the subcomponents of bread and cereals which declined to -4.7% from 14.1% and oils and fats to-1.6 percent from 12.1 percent recorded during the same period of the preceding year.

The monthly inflation rate for this category, increased to 0.1% compared to -0.1% registered in the previous month.

The annual inflation rate for the Alcoholic beverages and tobacco group stood at 4.6% in December 2017 compared to 5.6% registered in December 2016, resulting in a decrease of 1.0 percentage points.

The downward movement of inflation in this category during this period was due to the decline in the price levels of the Alcoholic beverages sub-component which reduced to 4.7% as compared to 6.8% recorded in December 2016.

The annual inflation rate for the Transport component stood at 6.7% in December 2017, resulting in an increase of 2.8% points over December 2016 which recorded annual in a on rate of 3.9%.

This increase was a result of increases in the price levels of operation of personal transport equipment and Public transportation services sub-components, which increased from 2.5 and-0.5% obtained in December 2016 to 8.6% and 0.2% in December 2017 respectively.

On a monthly basis, the in a on rate for Transport stood at 0.7 percent compared to 1.8 percent recorded a month earlier, resulting in an increase of 1.1 percentage points.

The annual inflation rate for Housing, water, electricity, gas and other fuels category was 9.2% compared to 7.6% recorded during the same period a year earlier.

This increase originated from the increases registered in the sub-groups of Rental payment for dwelling which increased to 9.6% from 7.0% registered in December 2016.

On a monthly basis, the in a on rate for this group increased to 0.5 percent compared to 0.2 percent recorded last month.