{"id":32080,"date":"2022-06-15T16:23:34","date_gmt":"2022-06-15T14:23:34","guid":{"rendered":"https:\/\/ijg.net\/research\/?p=32080"},"modified":"2022-12-05T11:29:03","modified_gmt":"2022-12-05T09:29:03","slug":"ncpi-may-2022","status":"publish","type":"post","link":"https:\/\/ijg.net\/research\/ncpi-may-2022\/","title":{"rendered":"NCPI May 2022"},"content":{"rendered":"\n
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The Namibian inflation rate slowed to 5.4% y\/y in May from 5.6% y\/y in April. Prices in the overall NCPI basket rose by 0.1 % m\/m, slower than the 1.4% m\/m increase recorded in April. On a year-on-year basis, overall prices in four of the twelve basket categories rose at a faster rate in May than in April, with five categories recording slower rates of inflation and three categories recording prices consistent with April. Prices for goods increased by 7.1% y\/y while prices for services increased by 3.1% y\/y in May.<\/p>\n\n\n\n

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Transport continues\nto be the largest contributor to the annual inflation rate, contributing 2.4\npercentage points to the total 5.4% y\/y inflation rate in May. Overall, prices\nin the transport category declined by 1.2% m\/m, but rose 16.7% y\/y. The three\nsub-categories in the transport basket item all recorded slower inflation on both\na monthly and annual basis in May, except for the public transport services category\nwhich recorded steady inflation on an annual basis. The slower inflation follows\nthe Ministry of Mines and Energy\u2019s decision at the beginning of May to temporarily\nreduce the levies imposed on fuel products for a period of three months and to decrease\nthe petrol price by 120 cents per litre and the diesel price by 30 cents per\nlitre in May. According to the Namibian Statistics Agency (NSA) data, prices of\npublic transport services rose by 9.8% y\/y in May, unchanged from April. Prices\nof operating personal transport equipment declined by 2.1% m\/m but rose by 24.4%\ny\/y, while the prices of purchasing vehicles rose 0.5% m\/m and 3.5% y\/y in May.\nThe Ministry of Mines and Energy\u2019s decision to increase fuel prices again in\nJune negates the fuel levy relief granted and will result in even higher fuel\nprices in August should the reduction in fuel levies not be extended beyond\nJuly.<\/p>\n\n\n\n

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The food &\nnon-alcoholic beverages basket item was the second biggest contributor to the\nannual inflation rate in May, contributing 1.2 percentage points. Prices in\nthis basket item rose by 1.5% m\/m and 6.6% y\/y in May. All thirteen\nsub-categories in this basket recorded price increases on an annual basis, as\nhas been the case since January this year. The largest increase was again recorded\nin the prices of oils and fats which rose by 27.4% y\/y, followed by fruit,\nwhich saw price increases of 16.5% y\/y. The prices of bread and cereals rose by\n7.6% y\/y, milk, cheese, and eggs by 5.4% y\/y, vegetables by 3.9% y\/y, and meat\nby 3.4% y\/y in May.<\/p>\n\n\n\n

The alcohol &\ntobacco basket item, the third-largest contributor to the annual inflation\nrate, recorded higher inflation at 4.7% y\/y in May, compared to the 4.5% y\/y\nobserved in April. On a monthly basis, prices in the basket item remained steady.\nThe prices of tobacco products rose by 0.1% m\/m and 6.3% y\/y, while the prices\nof alcoholic beverages declined by 0.1% m\/m but rose 4.3% y\/y in May.<\/p>\n\n\n\n

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Namibia\u2019s annual\ninflation rate of 5.4% in May was slightly slower than the rate recorded last month\nand was mainly the result of relatively lower fuel costs in May. The Inflation rate\nfor petrol and diesel slowed from 47.7% y\/y in April to 42% y\/y in May. Despite\nthis decline, rising food and transport prices remain the primary drivers of\nthe Namibian inflation rate, with the two categories alone contributing over two-thirds\nto the country\u2019s annual rate in May. The persistent inflationary pressures, and\nthe SARB\u2019s MPC decision to hike rates in May, necessitated the Bank of Namibia\u2019s\nMPC to also raise interest rates by 50 basis points in June. The MPC noted in\nits announcement that it will continue to monitor developments in inflation to\nensure price stability in the interest of the sustainable economic development\nof the country. IJG\u2019s inflation model currently forecasts inflation to average\nbetween 5.0% and 6.2% in 2022.  <\/p>\n\n\n\n

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

The Namibian inflation rate slowed to 5.4% y\/y in May from 5.6% y\/y in April. Prices in the overall NCPI basket rose by 0.1 % m\/m, slower than the 1.4% m\/m increase recorded in April. On a year-on-year basis, overall prices in four of the twelve basket 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-32080","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\/32080","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=32080"}],"version-history":[{"count":2,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/32080\/revisions"}],"predecessor-version":[{"id":32087,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/32080\/revisions\/32087"}],"wp:attachment":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/media?parent=32080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/categories?post=32080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/tags?post=32080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}