Price monster hits 7.3% in August 2022
Inflation in Windhoek stood at 7.9%
Since the beginning of the year, Zone 2 (Windhoek) has been recording the highest inflation rates relative to other zones.
The prices of goods and services locally increased by 7.3% in August 2022, a significant increase when compared to 3.4% recorded in August 2021, according to the Namibia Statistics Agency (NSA).
In July 2022, inflation was recorded at 6.8%. Year to date, inflation averaged 5.6%. Transport and food and non-alcoholic beverages categories were the main two drivers of inflation in August.
The transport category carries the third weight (14.28%) in the of the consumer basket in the consumer price index (CPI).
The transport category recorded an inflation rate of 23.2% and was mainly driven by operation of personal transport equipment sub category, which captures fuel.
“The increase resulted mainly from increases witnessed in the price levels of petrol and diesel which recorded a hyperinflation rate of 63.1% in August 2022 compared to 16.4% registered during the same period last year,” NSA said.
Moreover, oil and fats were the mainly drivers of food inflation recording a rate of 26.1%. The food and non-alcoholic beverages category carry the second largest weight (16.45%) in the consumer basket in the consumer price index (CPI).
Other food items that recorded significant inflation rates are fruit (20%), bread and cereals (9.8%), sugar, jam, honey, syrups, chocolate, and confectionery (9.7%), coffee, tea and cocoa (9.7%).
Windhoek
Since the beginning of the year, Zone 2 (Windhoek) has been recording the highest inflation rates relative to other zones.
Year to date, inflation in Windhoek averaged 6.4%. During the period under review, Windhoek’s inflation rate was recorded at 7.9%, compared to 7.7% and 3.1% registered in July 2022 and August 2021, respectively.
As for Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi), inflation was recorded at 6.8% in August, compared to 6.2% and 3.1% registered in July 2022 and August 2021, respectively. Year to date, inflation in Zone 1 averaged 5%.
Lastly, Zone 3 (//Kharas, Erongo, Hardap and Omaheke) inflation in August stood at 7.2%. This represents an increase when compared to 7.2% and 4.5% recorded in July 2022 and August 2021, respectively. [email protected]
In July 2022, inflation was recorded at 6.8%. Year to date, inflation averaged 5.6%. Transport and food and non-alcoholic beverages categories were the main two drivers of inflation in August.
The transport category carries the third weight (14.28%) in the of the consumer basket in the consumer price index (CPI).
The transport category recorded an inflation rate of 23.2% and was mainly driven by operation of personal transport equipment sub category, which captures fuel.
“The increase resulted mainly from increases witnessed in the price levels of petrol and diesel which recorded a hyperinflation rate of 63.1% in August 2022 compared to 16.4% registered during the same period last year,” NSA said.
Moreover, oil and fats were the mainly drivers of food inflation recording a rate of 26.1%. The food and non-alcoholic beverages category carry the second largest weight (16.45%) in the consumer basket in the consumer price index (CPI).
Other food items that recorded significant inflation rates are fruit (20%), bread and cereals (9.8%), sugar, jam, honey, syrups, chocolate, and confectionery (9.7%), coffee, tea and cocoa (9.7%).
Windhoek
Since the beginning of the year, Zone 2 (Windhoek) has been recording the highest inflation rates relative to other zones.
Year to date, inflation in Windhoek averaged 6.4%. During the period under review, Windhoek’s inflation rate was recorded at 7.9%, compared to 7.7% and 3.1% registered in July 2022 and August 2021, respectively.
As for Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi), inflation was recorded at 6.8% in August, compared to 6.2% and 3.1% registered in July 2022 and August 2021, respectively. Year to date, inflation in Zone 1 averaged 5%.
Lastly, Zone 3 (//Kharas, Erongo, Hardap and Omaheke) inflation in August stood at 7.2%. This represents an increase when compared to 7.2% and 4.5% recorded in July 2022 and August 2021, respectively. [email protected]
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