Namibia-Economy

Namibia’s annual inflation rate in July at record low

APA-Windhoek (Namibia)

The Namibian economy recorded the lowest inflation rate of 5.4 percent last month, the latest Namibia Consumer Price Index report for July 2017 has revealed.

The annual inflation rate eased further to the lowest level ever since January when it peaked at 8.2 percent.

The country’s Statistician General Alex Shimuafeni said on Thursday that the 5.4 percent rate is the lowest recorded since February 2016. Based on the All Items Index for July 2017, the annual inflation rate stood at 5.4 per cent compared to 7.0 per cent recorded in July 2016, he added.
“The 2017 calendar year was characterized by a continuous downward trend on the annual inflation rate recording its highest rate of 8.2 percent in January 2017 and hitting a low of 5.4 percent in July 2017.

“The 5.4 percent annual inflation rate is the lowest recorded since February 2016. The current year-to-date average inflation (from January 2017 to July 2017) stood at 6.8 percent compared to a 6.4 percent registered during the same period in 2016,” Shimuafeni continued.

The head of the National Statistics Agency said the slowdown in the annual inflation rate last month was due to price levels of food and nonalcoholic beverages, which dropped from 12.2 percent recorded in July 2016 to 4.3 percent last month.

Alcoholic beverages and tobacco also slowed from 6.6 percent in July 2016 to 3.6 percent in July 2017.

Furnishings, household equipment and routine maintenance of the house fell from 5.7 percent in July of the previous year to 4.1 percent recorded in July 2017, as well as the recreation and culture annual inflation rate, which fell to 4.9 percent in July 2017 from 5.3 percent registered in July 2016.

“On a monthly basis, the inflation rate slowed down to 0.04 percent compared to 0.1 percent registered during the previous month,” he added.


AT/afm/APA

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