July inflation showed decrease

15 Aug 2013 07:50
WINDHOEK, 15 AUG (NAMPA) - The annual inflation rate for July this year decreased to 5,8 per cent, compared to 6,0 per cent recorded in the same month in 2012.
According to the Namibia Consumer Price Index (NCPI) report released on Thursday, the All Items index for July 2013 increased by 1.2 percentage points - from 203.2 recorded in June, to 204.4.
This increase resulted in a monthly inflation rate of 0.6 per cent.
“The annual inflation rate for July 2013 stood at 5.8 per cent compared to 6.0 per cent recorded in July 2012,” said the report.
The NCPI includes all expenditure on goods and services by Namibian private households in urban and rural areas, and is compiled by comparing the prices of the goods and services of the month under review with the prices prevailing in December 2001.
More than 7 000 price quotations for goods and services are collected monthly from about 650 retail outlets in eight localities.
According to the statement, the Food and Non-alcoholic Beverages index for July 2013 rose from 239.8 recorded in June 2013 to 240.6, resulting in a monthly increase of 0.8 percentage points.
This increase was due to increases recorded in the sub-groups comprising milk, cheese and eggs (2.7 per cent); vegetables including potatoes and other tubers (1.2 per cent); coffee, tea and cocoa (0.7 percent); bread and cereals (0.4 percent); and fruit (0.3 percent).
The milk, cheese and eggs index for July 2013 was 244.2, registering a monthly increase of 6.4 percentage points over the June 2013 index of 237.8.
“This increase occurred mainly as a result of monthly price increases in the sub-categories of whole milk, yoghurt, clotted, cultured milk, cheese and baby milk,” it said.
The monthly and annual inflation rates for the month of July 2013 for goods were estimated at 0.5 and 4.6 percent as compared to those for services which stood at 0.8 and 7.8 per cent respectively.
The increase in prices for goods was due to increases recorded in the categories of petrol/diesel, lubrication, parts and accessories, clothing, vegetables, and solid and liquid fuels.
The annual inflation rates for the major groups comprising the NCPI were food and non-alcoholic beverages at 6.3 per cent; housing, water, electricity, gas and other fuels (7.2 per cent) and transport (5.7 per cent), it indicated.
The average monthly and average annual inflation rates for the period of January to July 2013 stood at 0.5 and 6.2 per cent, compared to 0.5 and 6.4 per cent estimated during the same period last year.