Inflation rate slowed down in September

15 Oct 2014 17:20pm

WINDHOEK, 15 OCT (NAMPA) - The annual inflation rate slowed to 5.3 per cent in September from 5.4 per cent registered the previous month. The Namibia Consumer Price Index for September 2014 issued by the Namibia Statistics Agency (NSA) on Wednesday indicated that on a monthly basis, the inflation rate slowed to 0.2 per cent, compared to 0.3 per cent the previous month. ?The decline on the annual inflation rate resulted from food and non-alcoholic beverages; transport; recreation and culture; housing, water, electricity, gas and other fuels; and communication which dropped to 8.4, 6.6, 5.6 3.0 and,-1.0 per cent, respectively, compared to 8.6, 7.1, 6.0, 3.3 and -0.5 per cent, respectively,? the report read. The year leading up to November 2013 saw a decline in inflation from 7.5 per cent to 4.4 per cent. However, once this variation point was reached the trend turned and a strong increase in inflation has been seen subsequently, it said. ?This change in trend is largely on account of increases in global commodity prices, particularly fuel and to a lesser extent food, exacerbated by a weakening of the Namibian Dollar against major currencies,? said the NSA. Moreover, it said, following unprecedented monetary and fiscal stimulus in Namibia over recent years, increases in national disposable income appear to be contributing to demand side inflation, which can be seen coming through in a number of administered prices, including electricity and public transport costs. (NAMPA) MMT/ND/