Strong increase in food prices for May: NCPI

14 Jun 2018 17:40pm
WINDHOEK, 14 JUN (NAMPA) – Annual food price inflation saw a strong increase of 3,9 per cent in May 2018, from 3,7 per cent the same period last year, the Namibia Consumer Price Index for May 2018 shows.
The increase by 0,2 percentage points came from increases registered for bread and cereals, which rose from negative 3,7 per cent to 2,3 per cent; meat from 6,6 per cent to 8,5 per cent; and oils and fats from 0,7 per cent to 2,6 per cent respectively.
Fruit went from up from 1,5 per cent to 12,6 per cent and vegetables including potatoes and other tubers, from negative 4,0 per cent to 5,8 per cent.
The month-to-month inflation rate for food and non-alcoholic beverages was recorded at 0,5 per cent last month compared to 0,3 per cent registered in April 2018.
Meanwhile, alcoholic beverages and tobacco declined by 0,1 percentage points, from 0,8 per cent in April 2018 to 0,7 per cent last month.
The Economic Association of Namibia (EAN) said in its commentary on the recently released NCPI for May 2018 that the increase in food prices was bad news for low-income earners and the poor since they spend the largest share of their total income on these items.
“We expect food prices to continue to increase,” the EAN stated.
(NAMPA)
ANS/HP/AS