Namibians paying 2,2% less for goods and services so far this year

Namibians are paying 2,2% less for basic goods and services, following a light recession on inflation of 5% at the end of February this year.

The price of goods and services was pegged at 7,2% in the same period last year.

This is according to the latest Namibia Consumer Price Index released by the Namibia Statistics Agency (NSA) this week.

NSA statistician general and chief executive Alex Shimuafeni says while the inflation rate shows an improvement on a year-on-year basis, the rate at which the prices of goods and services goes up on a monthly basis was 0% – a drop from 1,3% recorded in January.

“The zonal inflation rates for February 2024 revealed that zone 2 (the Khomas region) recorded the highest annual inflation rate of 5,5%, followed by zone 1 (the Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi regions), which recorded an inflation rate of 5,3%,” he says.

Shimuafeni says zone 3, which constitutes the //Kharas, Erongo, Hardap and Omaheke regions, had an annual inflation rate of 4%.

“Analysis of the average retail prices of selected products for February 2024 revealed that consumers in zone 2 paid the highest price for a pack of six eggs at N$22,49, followed by zone 3 at N$21,65, while consumers in zone 1 paid the lowest price of N$19,94,” he says.

Further explaining the inflationary trends in the period under review, Shimuafeni says for stewing beef, consumers in zone 1 paid the highest price of N$95,12 per kg, followed by zone 3 at N$93,97 per kg, while zone 2 paid the lowest price of N$90,35 per kg.