Relief from the price monster in August
Relief from the price monster in August

Relief from the price monster in August

The biggest monthly deflationary pressures were experienced in the transport, alcoholic beverages and tobacco categories.
Phillepus Uusiku
PHILLEPUS UUSIKU

Statistics released by the Namibia Statistics Agency (NSA) indicated that on a monthly basis, inflation decreased by 0.2% in August 2021 compared to an increase of 0.2% in July 2021. This is the first month where deflation was recorded on a monthly basis this year.

In addition, annual inflation stood at 3.4% in August 2021, up from 2.4% recorded in August 2020, an increase of 1.0 percentage points. In July 2021, annual inflation stood at 4.0%, a decline of 0.6 percentage points.

The deflation recorded in August 2021 was mainly reflected in the transport category that recorded a decline of 1.6% compared to an increase of 1% in the preceding month. The decline in transport was mainly reflected in the public transportation services that declined by 9.9% in August 2021, NSA pointed out.

The highest change in the annual inflation rate were mainly witnessed in the categories of transport and miscellaneous goods and services, both increasing by 6.2% followed by food and non-alcoholic beverages (5.2%), furnishings, household equipment and routine maintenance of the house (4.6%) and health (3.5%), while clothing and footwear registered a deflation of (2.7%), NSA said.

Zones

With regard to the zones, Zone 3 (//Kharas, Erongo, Hardap and Omaheke) recorded the highest annual inflation rate of 4.5%, followed by Zone 1(northern regions) and Zone 3 (Windhoek), all recording an annual inflation rate of 3.1%.

On a monthly basis, the inflation rate for Zone 1 declined by 0.2% compared to 0.1% increase recorded during the previous month.

In addition, Zone 2 monthly inflation was stagnant in August 2021 compared to an increase of 0.2% recorded a month earlier.

Lastly, Zone 3 monthly inflation declined by 0.2% compared to an increase of 0.2% recorded in the preceding month, NSA said.

Outlook

According Simonis Storm economist Theo Klein, consumers can expect higher car spare part prices at local workshops due to global supply constraints in the shipping industry. This problem is not expected to disappear in the near future, so prices of any imported products will remain elevated in the coming months.

Meat prices, more specifically beef and lamb prices are expected to remain on an upward trend given supply shortages in ewe stock for farmers who want to upscale their farming operations and lower cattle marketing activity taking place in Namibia.

“Year to date, inflation averages 3.5% which is exactly in line with our forecast. We maintain our annual inflation forecast at 3.5% for 2021. Annual inflation therefore needs to record 3.7% on average in the coming months in order to reach our forecast," he said.

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Allgemeine Zeitung 2024-03-28

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Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Currency: GBP to NAD 23.97 | EUR to NAD 20.54 | CNY to NAD 2.63 | USD to NAD 19.05 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.45 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.27 | USD to KES 131.48 | USD to NGN 1415.13 | USD to ZAR 19.1 | USD to ZMW 24.97 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73909.5 Up +0.41% | Namibian Stock Exchange (NSX) Overall Index 1516.02 Down -0.13% | Casablanca Stock Exchange (CSE) MASI 12981.98 Up +0.34% | Egyptian Exchange (EGX) 30 Index 28224.37 Down -2.87% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 199.60/OZ UP +0.40% | Copper US$ 3.98/lb DOWN -0.0019 | Zinc US$ 2 441.60/T DOWN -0.61% | Brent Crude Oil US$ 86.61/BBP UP +0.26% | Platinum US$ 896.95/OZ UP +0.23% Sport results: Weather: Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Economic Indicators: Currency: GBP to NAD 23.97 | EUR to NAD 20.54 | CNY to NAD 2.63 | USD to NAD 19.05 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.45 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.27 | USD to KES 131.48 | USD to NGN 1415.13 | USD to ZAR 19.1 | USD to ZMW 24.97 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73909.5 Up +0.41% | Namibian Stock Exchange (NSX) Overall Index 1516.02 Down -0.13% | Casablanca Stock Exchange (CSE) MASI 12981.98 Up +0.34% | Egyptian Exchange (EGX) 30 Index 28224.37 Down -2.87% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 199.60/OZ UP +0.40% | Copper US$ 3.98/lb DOWN -0.0019 | Zinc US$ 2 441.60/T DOWN -0.61% | Brent Crude Oil US$ 86.61/BBP UP +0.26% | Platinum US$ 896.95/OZ UP +0.23%