Slight deceleration in inflation
The inflation rate for August showed a deceleration compared to the corresponding period in 2016.
The annual inflation rate for the month of August 2017 decelerated to 5.4%, down from 6.8% recorded in August of the preceding year, a slowdown of 1.4 percentage points, according to Namibia Statistics Agency (NSA) which released its monthly consumer price index report this week.
“This 5.4% annual inflation rate is the same as the annual rate recorded in July 2017. The August 2017 annual inflation rate recorded a notable slowdown in the price levels of food and non-alcoholic beverages from 11.5% in August 2016 to 4.6% in August this year, a 6.9 percentage points decrease,” the NSA said.
The average annual inflation rate for the period January 2017 to August 2017 stood at 6.6% while the corresponding average rate registered during the same period a year earlier was estimated at 6.5%.
On a monthly basis, the inflation rate increased to 0.1% compared to 0.04% registered during the previous month.
For the month of August 2017, the annual inflation for the category food and non-alcoholic beverages slowed to 4.6% compared to 11.5% recorded in August 2016, resulting in a decline of 6.9 percentage points.
“This slowdown emanated from decreases registered in the sub-components of oils and fats (-1.8%), bread and cereals (-0.5%) and vegetables including potatoes and other tubers (-0.2%),” the NSA said.
The monthly inflation rate for food and non-alcoholic beverages was recorded at 0.1% compared to 0.7% registered in the previous month.
In the alcoholic beverages and tobacco category, the annual inflation rate stood at 4.8% as compared to 5.6% registered in August of the preceding year, resulting in a decline of 0.8 percentage points.
“This downward movement stemmed from the prices of alcoholic beverages that slowed to 4.5%, from 7% recorded in August 2016. On a monthly basis, the inflation rate for this category increased to 1%, up from 0.3% recorded a month earlier,” the NSA said.
The annual inflation rate for housing, water, electricity, gas and other fuels category was 8.3% in August 2017 compared to the 8% recorded during the same period a year earlier.
“The increase emanated from the increases registered in the sub-group of rental payment for dwelling which rose to 9.6% from 7% recorded during the same period of the preceding year,” the NSA concluded.
In other price matters, the Bank of Namibia's monetary policy committee will meet on 25 October and its policy decision will be announced the following day.
STAFF REPORTER
“This 5.4% annual inflation rate is the same as the annual rate recorded in July 2017. The August 2017 annual inflation rate recorded a notable slowdown in the price levels of food and non-alcoholic beverages from 11.5% in August 2016 to 4.6% in August this year, a 6.9 percentage points decrease,” the NSA said.
The average annual inflation rate for the period January 2017 to August 2017 stood at 6.6% while the corresponding average rate registered during the same period a year earlier was estimated at 6.5%.
On a monthly basis, the inflation rate increased to 0.1% compared to 0.04% registered during the previous month.
For the month of August 2017, the annual inflation for the category food and non-alcoholic beverages slowed to 4.6% compared to 11.5% recorded in August 2016, resulting in a decline of 6.9 percentage points.
“This slowdown emanated from decreases registered in the sub-components of oils and fats (-1.8%), bread and cereals (-0.5%) and vegetables including potatoes and other tubers (-0.2%),” the NSA said.
The monthly inflation rate for food and non-alcoholic beverages was recorded at 0.1% compared to 0.7% registered in the previous month.
In the alcoholic beverages and tobacco category, the annual inflation rate stood at 4.8% as compared to 5.6% registered in August of the preceding year, resulting in a decline of 0.8 percentage points.
“This downward movement stemmed from the prices of alcoholic beverages that slowed to 4.5%, from 7% recorded in August 2016. On a monthly basis, the inflation rate for this category increased to 1%, up from 0.3% recorded a month earlier,” the NSA said.
The annual inflation rate for housing, water, electricity, gas and other fuels category was 8.3% in August 2017 compared to the 8% recorded during the same period a year earlier.
“The increase emanated from the increases registered in the sub-group of rental payment for dwelling which rose to 9.6% from 7% recorded during the same period of the preceding year,” the NSA concluded.
In other price matters, the Bank of Namibia's monetary policy committee will meet on 25 October and its policy decision will be announced the following day.
STAFF REPORTER
Comments
Namibian Sun
No comments have been left on this article