Price monster puts pedal to the metal

13 July 2018 | Economics

The hike of 60c/l in the fuel price in June resulted in a spike in annual overall transport inflation and pushed up Namibia’s annual overall inflation rate from 3.8% to 4% last month. Annual overall transport inflation came in at 7.2%, up from 5.6% in May. May 2017 is the closest to the latest rate, when transport inflation reached 7.1%. Operation of personal transport equipment, the sub-category of transport which includes the fuel price, rose from 6.2% to 8.9%. Commenting on the new data released by the Namibia Statistics Agency (NSA) yesterday, Klaus Schade from the Economic Association of Namibia (EAN) said this sub-category accounts for 63% of the transport category and therefore has a strong impact on the transport inflation rate. “Furthermore, it influences the overall inflation rate, since the operation of vehicles contributes almost 9% to the overall inflation rate,” Schade said. Photo Nampa/Reuters

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