Namibia April inflation accelerates past 5.6% estimate - CNBC Africa

Namibia April inflation accelerates past 5.6% estimate

Financial

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The food and non-alcoholic beverages sub-sector grew by 0.7 points to 110.8 in April. PHOTO: Getty Images

According to the Namibia Statistics Agency, the Namibia Consumer Price Index (CPI) also grew by 1.0 index points to 108.3 from 107.3, at a month on month increase of 0.96 per cent.

(READ MORE: Namibia February inflation rate up to 5.2%)

“The annual inflation rates for the major groups comprising the CPI were food and non-alcoholic beverages at 8.9 per cent, housing, water, electricity, gas and other fuels at 3.4 per cent, alcoholic beverages and tobacco at 6.8 per cent and transport 9.38 per cent,” the Namibia Statistics Agency said in a statement.

The food and non-alcoholic beverages sub-sector grew by 0.7 points to 110.8, and also represented a monthly increase of 0.7 per cent and an 8.91 per cent y-o-y growth.

Demand for food is expected to increase as winter approaches, and the fastest-growing sub-sectors were oils and fats, which grew by 1.8 per cent month on month. Year on year, the meat and vegetable subsectors grew the fastest at 13.9 per cent and 14.3 per cent respectively.

Where transport is concerned, inflation in the sub-sector grew rapidly for the period under review.

The sub-sector grew from 109.4 to 111.8 a monthly inflation of 2.2 per cent and an annualised increase of 9.4 per cent. This is on the back of an increase in purchase of vehicles, which accelerated to 10.5 per cent year on year.

(READ MORE: Namibia's April vehicle sales dip)

The housing, water, electricity, gas and other fuels sub-sector had subdued year on year growth at a rate of 3.5 per cent.

Alcoholic beverages and tobacco annual inflation numbers in the sub-sector were at 6.75 per cent, with alcoholic beverage prices growing by seven per cent and tobacco growing 5.7 per cent year on year. 

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