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Non-alcoholic beverages push up local prices

Sun, 14 October 2012 20:33
by Chief Writer
Business

The poor in Namibia have had their pockets torn by high expenditure costs of non-alcoholic beverages and escalating prices of water and electricity.
The latest Namibian Consumer Price Index (NCPI) released by the National Statistics Bureau shows.
However, this is despite the fact that the Namibian Breweries Limited (NBL) makes most of its mega profits from the local market while a smaller portion of the company’s money comes from the regional market.
According to the latest statistics released by the statistician-general, Dr John Steytler, Namibians have had to fork out more just to acquire basic needs as compared to the same period last year.
The NCPI shows that inflation in the country has not been consistently stable for the past three years but has been following a down-up spiral movement.
“The annual inflation rate for September 2012 stood at 6.7% compared to 5.3% recorded during the same period last year. The annual inflation rates for the major groups comprising the NCPI were food and non-alcoholic beverages (9.2%), housing, water, electricity, gas and other fuels (7.6%) and transport (6.3%),” the NCPI notes in part.
According to the NCPI, prices went up by 0.8% points to 6.7% in the last month as compared to the same period last year while basic food prices were reasonably stable.
The All Items Index for last month increased by 1.6 percentage points up from 193.7 in August this year to 195.3.
This resulted in an increase of 0.8%, compared to the August rate of 0.3%; a difference of 0.5 percentage points.
This increase resulted from monthly increases recorded in all the components comprising the NCPI with the exception of the components, “communications, recreation and culture”.
“The index for “food and non-alcoholic beverages” for September 2012 increased to 230.7 points; a monthly increase of about 4.3 percentage points from 226.4 recorded in August 2012.
“This increase was due to increases recorded in all the sub-groups comprising the food and non-alcoholic beverages group except sugar, jam, honey, syrups, chocolate and confectionery, which declined by 0.2%,” NCPI concludes.