November 01, 2024
Economy

Food, recreation and household equipment record highest June price drop

July 11, 2023
Food, recreation and household equipment record highest June price drop

Food, non-alcoholic beverages, recreation, culture, miscellaneous goods, household equipment, and hotels experienced the highest price drops in June attributed to a monthly 0.7 inflation decline, latest figures reveal.

The Namibia Statistics Agency’s (NSA) Statistician-General and CEO, Alex Shimuafeni, says divisions with the highest changes in the price levels during the period were led by food and non-alcoholic beverages with annual inflation of 11.7% compared to 7.0% obtained during the corresponding period of 2022.

"Recreation and culture (10.1%); miscellaneous goods and services (8.1%); furnishings, household equipment and routine maintenance of the house (7.2%); and hotels, cafes and restaurants (6.7%)," he said.

During the month of June 2023, the annual inflation rate stood at 5.3% compared to 6.0% recorded in June 2022.

On a monthly basis, the inflation rate stood at 0.1% compared to 0.2% registered during the prior month. 

"The annual inflation rate stood at 5.3%, the annual inflation rate for goods was estimated at 6.5%, the annual inflation rate for services stood at 3.4%, the average annual inflation rate for the period June 2022 to June 2023 stood at 6.7%," the NSA said.

The twelve-month average annual inflation rate from July 2022 to June 2023 was estimated at 6.8%.

According to the Consumer Price Index (CPI) for June, food and non-alcoholic beverages, which account for 16.5% of the NCPI basket on a monthly basis, recorded a slight decrease compared to 0.7% recorded during the prior month.

"The slow growth in the inflation rate emanated mainly from recreation and culture (2.4% to 0.5%); food and non-alcoholic beverage (0.7% to 0.0%); hotels, cafes and restaurants (0.7% to 0.1%)," the NSA noted in the index.

The food sub-category accounts for 14.8% of the consumer basket in the NCPI. Within the food sub-component, Bread and cereals account for the highest weight of food items that consumers purchase, having a weight of 4.8%.

"This is followed by meat (3.5%); sugar, jam, honey, syrups, chocolate, and confectionery (1.4%); vegetables; and milk, cheese, and eggs (1.2%) each," said the NSA.

On average, the agency notes that vegetables recorded an increase in prices of 18.5% in June 2023 compared to 4.8% recorded a year ago.

"The increase in the annual inflation rate for this subcategory was mainly observed in cabbage (from-33.2% to 48.8%), broccoli, cauliflower (from 2.4% to 34.6%); onions (from 9.2% to 41.0%) and beetroot (from -1.1% to 22.5%)," said Shimuafeni.

Similarly, "bread and cereals were 17.3% more expensive in June 2023, the largest rise was reflected in maize, meal/grain from 7.9% to 23.4%; rice (from -3.8% to 10.0%); mealie rice/malt (from 6.8% to 18.4%); and macaroni, spaghetti and noodles (from 8.6% to 18.8%)."

Furthermore, on average prices for meat rose by 8.3% during June 2023 compared to 4.5% recorded during the same period.

Meanwhile, at the Zonal level for the month of June 2023, Zone 2 (Khomas) recorded the highest annual inflation rate of 5.4%.

"Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto Otjozondjupa, and Zambezi) and Zone 3 (//Kharas, Erongo, Hardap, Omaheke) recorded annual inflation rates of 5.2% each," said Shimuafeni.

 

 

 

 

 

 

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Last modified on Wednesday, 12 July 2023 15:12
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