Alcohol, tobacco drive December inflation

Alcoholic beverages and recreation and culture as well as tobacco were the biggest drivers of the annual inflation rate in December, the Namibia Statistics Agency (NSA) noted, with recreational activities contributing significantly to the rate. “The highest changes in the annual inflation rate were mainly witnessed in the categories of Recreation and culture (10.0%); Alcoholic beverages and tobacco (8.4%); Food and non-alcoholic beverages (7.4%); Hotels, cafés and restaurants (6.5%); Furnishings, household equipment and routine maintenance of the home (5.1%); Miscellaneous goods and services (4.9%); and Transport (4.0%),” the NSA said. Inflation eased in December according to statistics provided by the NSA, slowing by a margin of just 0.1%. Year-on-year, the annual inflation rate was also slightly lower compared to December 2022. “In December 2023, the annual inflation rate stood at 5.3% compared to 6.9% recorded in December 2022. On a monthly basis, the inflation rate for December 2023 registered a deflation of 0.1% compared 0.3% recorded in the preceding month,” the NSA said. Higher inflation was recorded in the Kavango East and West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi regions, the NSA noted. “The zonal inflation rates for the month of December 2023 revealed that Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi) recorded the highest annual inflation rate of 5.9%, followed by Zone 2 (Khomas) which recorded an inflation rate of 5.0%, while Zone 3 (//Kharas, Erongo, Hardap, Omaheke) annual inflation rate was 4.9%,” the agency said. According to the NSA, the major contributors to the annual inflation rate of 5.3% in December 2023 were Food and non-alcoholic beverages (1.4 percentage points); Alcoholic beverages and tobacco contributed (1.1 percentage points); Housing, water, electricity, gas and other fuels (0.8 percentage points); and Transport (0.6 percentage points). On a monthly basis, price levels in Namibia decreased by 0.1% during the period under review compared to 0.3% recorded during the previous month. For the period of December 2022 to December 2023, the lowest rate of -0.1% was witnessed in the month of December 2023.

Alcohol, tobacco drive December inflation

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