{"id":30463,"date":"2022-01-13T15:56:44","date_gmt":"2022-01-13T13:56:44","guid":{"rendered":"https:\/\/ijg.net\/research\/?p=30463"},"modified":"2022-01-13T15:56:47","modified_gmt":"2022-01-13T13:56:47","slug":"ncpi-december-2021","status":"publish","type":"post","link":"https:\/\/ijg.net\/research\/ncpi-december-2021\/","title":{"rendered":"NCPI December 2021"},"content":{"rendered":"\n
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Namibia\u2019s annual inflation\nrate rose to 4.5% y\/y in December, with prices in the overall NCPI basket\nincreasing by 0.4% m\/m. The annual average inflation rate for 2021 was 3.6%,\ncompared to 2.2% in 2020 and 3.7% in 2019. Year-on-year, overall prices in three\nof the twelve categories rose at a quicker rate in December than in November, six\ncategories experienced disinflation and three categories posted steady\ninflation. Prices for services rose by 2.7% y\/y and prices for goods rose by 5.8%\ny\/y. <\/p>\n\n\n\n

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Transport continues to be the largest contributor to\nannual inflation, with prices in this category increasing by 2.1% m\/m and 14.3%\ny\/y. This basket item contributed 2.0 percentage points to the annual inflation\nrate in December. Prices in two of the three sub-categories recorded price\nincreases, with the \u201coperation of personal transport equipment\u201d increasing by\n19.7% y\/y. This is mostly attributable to a 36.1% y\/y increase in the price of\npetrol and diesel. This was the largest year-on-year increase in fuel prices\nfor 2021. Current forecasts are that global oil prices will continue to\nincrease this year with some analysts predicting that a lack of production capacity\nand limited investment in the sector will result in demand outstripping supply.\nWe thus expect fuel prices to remain elevated for the majority of 2022.<\/p>\n\n\n\n

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Food & non-alcoholic beverages was the second biggest contributor to the annual inflation rate in December, contributing 0.9 percentage points. Prices in this basket item remained steady on a monthly basis but increased by 5.1% y\/y. Only one sub-category, vegetables, recorded a decrease in prices on an annual basis of 1.1%. The twelve other sub-categories all recorded price increases on an annual basis. Fruit prices increased by 14.9% y\/y, oils and fats by 11.9% y\/y and meat prices by 11.8%.<\/p>\n\n\n\n

Alcohol & Tobacco inflation accelerated from 2.8% y\/y in November to 3.8% y\/y in December and was the third-largest contributor to December\u2019s annual inflation rate. The prices of tobacco products rose by 0.8% m\/m and 6.2% y\/y, while the prices of alcoholic beverages increased by 0.4% m\/m and 3.2% y\/y.<\/p>\n\n\n\n

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The 4.5% y\/y\nannual inflation rate for December was in line with IJG\u2019s average inflation\nforecast of 4.3% y\/y for the month. IJG\u2019s inflation model forecasts an average\ninflation rate of 4.3% y\/y in 2022 and 3.5% in 2023. Following the SARB\u2019s 25\nbasis point hike last year, South Africa\u2019s inflation rate accelerated to 5.5%\ny\/y in November, uncomfortably close to the SARB\u2019s upper bound of 6.0% y\/y. The\nMPC committee will meet again on 27 January, which will set the stage for the\nBoN\u2019s next meeting scheduled for 16 February. We expect the BoN to follow suit\non any rate decisions made by the SARB.<\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

Namibia\u2019s annual inflation rate rose to 4.5% y\/y in December, with prices in the overall NCPI basket increasing by 0.4% m\/m. The annual average inflation rate for 2021 was 3.6%, compared to 2.2% in 2020 and 3.7% in 2019. Year-on-year, overall prices in three of the twelve categories rose at \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,19],"tags":[],"class_list":["post-30463","post","type-post","status-publish","format-standard","hentry","category-economicresearch","category-inflation"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/30463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/comments?post=30463"}],"version-history":[{"count":1,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/30463\/revisions"}],"predecessor-version":[{"id":30469,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/30463\/revisions\/30469"}],"wp:attachment":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/media?parent=30463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/categories?post=30463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/tags?post=30463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}