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Food fuelling inflation

Mon, 16 June 2014 02:43
by
Business




The latest Namibia Statistics Agency’s (NSA) Consumer Price Index(NCPI) shows that non-alcoholic beverages recorded the highest inflation in May.
“The milk, cheese and eggs subcategory recorded the highest monthly price increases from 1% in the month of April to 5.7% in the month of May with  yoghurt, clotted, culture milk recording  the highest average prices, increasing from ( N$12.7 to N$14.47), followed by whole milk which increased from (N$ 14.7 to N$ 15. 89), Baby milk powered (N$84.8 to N$85.7) and eggs increased from N$ 13.92 to N$14.60).”
Commodities such as sugar, honey, syrups, and chocolate as well as other other food products recorded an increase to 1.8 % from 0.7% the previous month while bread and cereals recorded 1.5% from -0.1.
NSA CPI also noted that besides food and non-alcoholic beverages, recreation and culture, transport, alcoholic beverages and tobacco drove the all items index up to 108.6 points translating into a 0.3% points increase compared to the month of April.
On the other hand the groups of housing, water, electricity, gas and other fuels, educations and miscellaneous goods and services showed no changes standing at annual inflation of 3.6% from 6.9% a year earlier.
CPI items index for the month of May recorded a monthly inflation decrease of 0.7% from the previous month while its annual inflation was estimated at 6.1% from 5.8% recorded during the same period last year.
 The NSA May CPI further reports that between May 2013 and 2014, the annual inflation rate fluctuated between 4.4% and 6.2% to average at 5.4% with the month of June 2013 recording the highest annual inflation rate of 6.2% while the lowest annual inflation rate of 4.4% was recorded in November 2013.
Whilst April 2014 registered the highest monthly inflation rate of 1.0% against the months of  May and December 2013 recording the lowest monthly inflation.
“Food and non alcoholic beverages category contributed 26.7% to the overall annual inflation rate for May followed by transport at   24.5% and housing, water, electricity with 16.5% and lastly alcoholic beverage and tobaccos contribution stood at 12.6% while all groups contribution stood at 19.7%,” as stated in the May CPI report.
NSA report shows the transport category which recorded an annual inflation of 10.5% from 1.8%, recorded a monthly inflation rate of 0.3% compared to 2.2% in April.
This decrease was visible in all its sub category with “the ‘purchases of vehicles stood at 0.2% in May 2014 while the rate witnessed a month earlier was 0.8%; the subcategory ‘operation of personal transport equipment’ recorded a monthly inflation of 0.4% compared to 0.6% in April while the subcategory ‘public transportation services stood at 0.3% compared to 10.5% in April 2014.”