NSA records decline in January inflation rate

13 Feb 2015 16:00pm
WINDHOEK, 13 FEB (NAMPA) – The annual inflation rate for January 2015 fell from 4.6 per cent to 4.5 per cent, but increased from -0.2 to 0.8 per cent on a monthly basis.
The Namibia Statistics’ Agency (NSA)’s Namibia Consumer Price Index (NCPI) for January 2015 as issued to Nampa on Thursday indicates that the increase on a monthly basis is attributed to the prices of goods and services in all groups comprising the NCPI, with the exception of transport; clothing and footwear; and recreation and culture, which declined by 1.5, 0.7 and 0.2 per cent, respectively.
Monthly inflation recorded a month earlier for these categories stood at 0.2 and -1.3 per cent, while the recreation and culture sub-component showed no change.
Hence, the annual basis inflation rate for January 2015 decreased by 0.1 percentage points - a continuation of the downward trend in inflation which developed since July 2014.
During the period January 2014 to January 2015, the inflation fluctuated between 6.1 per cent and 4.5 per cent.
The report said this wavering in inflation is largely on account of prices of food and fuel, exacerbated by a weakening of the Namibian Dollar against major currencies.
The major drivers of the annual inflation were, mainly on account of relative importance in terms of weight of these categories in the overall inflation casket, beverages, and tobacco (7.5 per cent), food and non-alcoholic beverages (6.5 per cent) and transport (1.5 per cent).
The report added that smaller contributions to inflation were recorded from the minor groups such as miscellaneous goods and services, registering annual inflation rates of 6.6 per cent, recreation and culture (4.9 per cent) and education (4.4 per cent).