In February 2023, the annual inflation rate increased by 7.2 percent compared to 4.5 percent recorded in February 2022, Namibia Statistics Agency (NSA) has said.
On a monthly basis, the inflation rate increased by 0.4 percent compared to 1.1 percent recorded a month earlier.
“The main contributors to the annual inflation rate were Food and non-alcoholic beverages (2.6 percentage points); Transport (1.5 percentages points), Alcoholic beverages & tobacco (1.0 percentage points), Housing, water, electricity, gas and other fuels (0.7 percentage points); Miscellaneous goods and services; and Furnishing household equipment and routine maintenance of the house (each contributed 0.4 percentage points),” the agency said.
The Zonal inflation rates for the month of February 2023 revealed that, Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi) recorded the highest annual inflation rate of 7.6 percent, followed by Zone 3 (||Kharas, Erongo, Hardap, Omaheke) recording an annual inflation rate of 7.3 percent while Zone 2 (Khomas), recorded the lowest annual inflation rate of 6.7 percent. On a monthly basis, the Zone 1 registered inflation rate of 0.5 percent, Zone 2 recorded 0.4 percent and Zone 3 recorded an inflation rate of 0.3 percent.
The analysis of the average retail prices for some of the basic products consumed by the households for the month of February 2023, indicate that Chicken, frozen assorted pieces (1.5kg), consumers in Zone 2 paid the lowest price at N$84.77 while the highest price was observed in Zone 1 at N$111.93. For a Brown bread, consumers in Zone 3 paid the least at N$13.32, while consumers in Zone 2 paid the highest at N$14.19.