WINDHOEK: The Namibia Statistics Agency (NSA) has revealed that the annual inflation rate for June 2024 was 4.6 per cent, down from 5.3 per cent in June 2023.
The monthly inflation rate declined to 0.2 per cent in June 2024 from 0.3 per cent in the previous month.
Statistician-General and NSA Chief Executive Officer, Alex Shimuafeni told Nampa on Tuesday that core inflation for June 2024 was reported at 3.8 per cent, with headline inflation at 4.6 per cent.
He said that core inflation removes volatile items like food and energy prices.
The food and non-alcoholic beverages category, accounting for 16.5 per cent of the Namibia Consumer Price Index (NCPI) basket, registered an annual inflation rate of 4.3 per cent in June 2024, compared to 11.7 per cent in June 2023, he said.
Monthly price levels for this category decreased by 0.4 per cent in June 2024, following a 0.5 per cent increase the previous month, while inflation in the food sub-category, which accounts for 14.8 per cent of the consumer basket, dec
reased significantly.
Within the food sub-component, bread and cereals holds the highest weight at 4.8 per cent, followed by meat at 3.5 per cent, and sugar, chocolate and confectionery at 1.4 per cent.
Vegetables, milk, cheese and eggs each weigh 1.2 per cent, while bread and cereal prices grew by 0.3 per cent in June 2024.
Shimuafeni added that key subcategories driving this downward trend included maize meal/grain (from 23.4 per cent to -3.3 per cent); macaroni, spaghetti and noodles (from 18.8 per cent to -6.1 per cent); and bread and cake flour (from 19.3 per cent to -4.1 per cent).
Vegetable prices, including potatoes and other tubers, rose by 5.5 per cent in June 2024, compared to 18.5 per cent in June 2023.
The fish subcomponent had an annual inflation rate of 4.6 per cent in June 2024, down from 11.7 per cent in June 2023, while meat prices had an average increase of 3.5 per cent in June 2024, compared to 8.3 per cent the previous year.
Pork pricing levels changed from 21.8 per cent to 0 per ce
nt.
Shimuafeni stated that the information highlights significant variations in inflation rates across different categories, reflecting changes in market conditions and consumer behaviour.
Source: The Namibia Press Agency