July records lowest inflation rate

10 Aug 2017 14:00pm
WINDHOEK, 10 AUG (NAMPA) – This year was characterised by a continuous downward trend in the annual inflation rate, recorded at its highest of 8.2 per cent in January and hitting a low of 5.4 per cent in July.
According to the Namibia Consumer Price Index (NCPI) report of last month issued by National Statistics Agency Statistician General Alex Shimuafeni, the 5.4 per cent annual inflation rate is the lowest recorded since February 2016.
The current year-to-date average inflation (January – July) stood at 6.8 per cent compared to a 6.4 per cent registered during the same period in 2016.
“Based on the All Items Index for July 2017, the annual inflation rate stood at 5.4 per cent compared to 7.0 per cent recorded in July 2016,” stated the report.
It further said the slowdown in the July 2017 annual inflation rate emanated mainly from price levels of food and non-alcoholic beverages which dropped from 12.2 per cent recorded in July 2016 to 4.3 per cent obtained in July 2017.
Additionally, alcoholic beverages and tobacco slowed from 6.6 per cent in July 2016 to 3.6 per cent in July 2017.
Furnishing, household equipment and routine house maintenance stood at 5.7 per cent in July of the previous year to 4.1 per cent recorded in July this year.
The report added that on a monthly basis this year, the inflation rate slowed down to 0.04 per cent, except in June when a slowdown of 0.1 per cent was registered.