Namibia’s Annual Inflation Rate Declines to 4.6% in June 2024

Windhoek — The annual inflation rate in Namibia has decreased to 4.6 percent in June 2024, a drop from the 5.3 percent recorded in June 2023, as reported by the Namibia Statistics Agency (NSA).

According to Namibia Press Agency, Statistician-General and NSA Chief Executive Officer, speaking to Nampa on Tuesday, the monthly inflation rate also saw a reduction, falling to 0.2 percent in June 2024 from 0.3 percent in the preceding month. Shimuafeni highlighted that the core inflation, which excludes volatile items such as food and energy prices, was reported at 3.8 percent, aligning with the headline inflation rate of 4.6 percent.

In a detailed breakdown, Shimuafeni noted significant changes within the food and non-alcoholic beverages category, which makes up 16.5 percent of the Namibia Consumer Price Index (NCPI) basket. This category recorded an annual inflation rate of 4.3 percent in June 2024, a substantial decrease from 11.7 percent in June 2023. Monthly price levels for this category dropped by 0.4 percent in June, following a 0.5 percent increase the month before.

Particular food subcategories showed notable shifts. The bread and cereals subcategory, which holds the highest weight within the food component at 4.8 percent, saw a price growth of 0.3 percent in June 2024. Other key subcategories contributing to the downward trend included maize meal/grain, whose inflation rate shifted from 23.4 percent to -3.3 percent; macaroni, spaghetti, and noodles, from 18.8 percent to -6.1 percent; and bread and cake flour, from 19.3 percent to -4.1 percent.

Conversely, vegetable prices, including potatoes and other tubers, rose by 5.5 percent in June 2024, albeit this was a decrease from 18.5 percent in June 2023. The fish subcomponent’s annual inflation rate matched the overall rate at 4.6 percent, down from 11.7 percent in June 2023. Meat prices increased by an average of 3.5 percent in June 2024, compared to 8.3 percent in the previous year, with pork prices stabilizing at 0 percent change from a previous high of 21.8 percent.

Shimuafeni emphasized the significance of these variations in inflation rates across different categories, reflecting ongoing changes in market conditions and consumer behavior in Namibia.

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