The figure edged higher than the anticipated 5 per cent mark. And the Namibia Consumer Price Index (CPI) also grew by 0.7 index points from 105.9 to 106.6, a month on month increase of 0.7 per cent.
“The annual inflation rate for goods was estimated at 6.9 per cent, as compared to that for services which stood at 3.0 per cent,” the National Statistics Agency said in a statement.
The food and non-alcoholic beverages index grew by 0.9 points to 108.2, representing a monthly increase of 0.8 per cent and a 7.2 per cent year on yearly growth.
The fastest growing subsector was fruit, which grew by 1.7 per cent month on month, followed by non-alcoholic beverages, which grew by 1.2 per cent month on month. On an annual basis, meat and vegetables grew at the fastest rates with growth levels of 12.2 per cent and 12.7 per cent.
Growth in the housing, water, electricity, gas and other fuels category however remained subdued, at a growth rate of 3.4 per cent compared to February 2013 when annual growth was 6.8 per cent.
“The February numbers indicated that [the hotels, cafes and restaurants] subcategory, which makes up 1.7 per cent proportion of the basket weights, grew by 6.3 per cent. The monthly data suggests that the growth in this category has slowed though to 0.9 per cent as a result of moderation in accommodation prices,” the NSA explained.
(READ MORE: Namibia inflation reflects strength of previous period)
Prices in the education category grew the highest during the period, with the 8 per cent annual growth rate recorded being mainly attributed to by growth for tertiary education, which grew by 9.8 per cent.
Month on month growth indicated that prices in the transport category increased by 1.2 per cent, and year on year prices increased by 7.6 per cent.
“We expect inflation to stand at 5.1 per cent with the Namibia CPI growing from 106.6 to 107.2 index points for March 2014,” the NSA said.