Namibia’s April inflation rate racheted up to 5.9 percent,higher than the 5.6 percent estimate.
According to the Namibia Statistics Agency, the Namibia Consumer Price Index (CPI) also grew by 1.0 index points to 108.3 from 107.3. This was month on month increase of 0.96 percent.
“The annual inflation rates for the major groups comprising the CPI were food and non-alcoholic beverages at 8.9 per cent, housing, water, electricity, gas and other fuels at 3.4 percent, alcoholic beverages and tobacco at 6.8 percent and transport 9.38 percent,” the Namibia Statistics Agency said in a statement.
The food and non-alcoholic beverages sub-sector increased by 0.7 points to 110.8.
“Demand for food is expected to increase as winter approaches, and the fastest-growing sub-sectors were oils and fats, which grew by 1.8 percent month on month. Year on year, the meat and vegetable subsectors grew the fastest at 13.9 percent and 14.3 percent respectively,” reports CNBC.
In transport, inflation in the sub-sector grew rapidly for the period under review.
The sub-sector grew from 109.4 to 111.8 a monthly inflation of 2.2 percent.
The housing, water, electricity, gas and other fuels sub-sector had a growth at a rate of 3.5 percent.
Alcoholic beverages and tobacco annual inflation numbers in the sub-sector were at 6.75 percent. Alcoholic beverage prices grew by seven percent and tobacco grew 5.7 percent year on year.
The post Namibia’s April Inflation Surpasses 5.9% Estimate appeared first on AFKInsider.