Namibia’s annual inflation rate for April 2024 saw a notable decrease to 4.8%, down from 6.1% recorded in April 2023, according to the latest data from the Namibia Consumer Price Index (CPI) released on Wednesday.
Key contributors to inflation remained consistent, with food, non-alcoholic beverages, alcoholic beverages, and tobacco each contributing 1.0 percentage points to the overall rate. Additionally, housing, water, electricity, gas, and other fuels, along with transport, collectively accounted for 0.9 percentage points.
Monthly inflation saw a rise to 0.7%, contrasting with the previous month’s flat rate of 0.0%.
Alex Shimuafeni, Statistician at the Namibia Statistics Agency (NSA), highlighted the significant increase in the annual inflation rate for housing, water, electricity, gas, and other fuel components, which constitute 28.4% of the consumer basket. This category saw a 3.6% increase in April compared to 2.6% observed in the same period last year.
Furthermore, the data revealed that the lowest monthly inflation rate between April 2023 and April 2024 was recorded in July 2023.
The decrease in the annual inflation rate reflects a positive trend for Namibia’s economy, indicating potential stability in prices and consumer spending. However, with monthly inflation on the rise, policymakers may need to monitor closely to ensure sustained economic health.
For further information, Shimuafeni’s statement and the full CPI statistics for April 2024 are available on the NSA’s website.
