{"id":33898,"date":"2022-11-16T11:59:43","date_gmt":"2022-11-16T09:59:43","guid":{"rendered":"https:\/\/ijg.net\/research\/?p=33898"},"modified":"2022-11-16T12:00:12","modified_gmt":"2022-11-16T10:00:12","slug":"ncpi-october-2022","status":"publish","type":"post","link":"https:\/\/ijg.net\/research\/ncpi-october-2022\/","title":{"rendered":"NCPI October 2022"},"content":{"rendered":"\n
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Namibia\u2019s annual inflation rate remained steady at 7.1% y\/y in October. On a month-on-month basis, prices in the overall NCPI basket rose 0.2% m\/m. On an annual basis, overall prices in five of the twelve basket categories rose at a quicker rate in October than in September, five categories recorded a slower rate of inflation and two recorded inflation rates consistent with those in September. Prices for goods increased by 9.7% y\/y, slightly slower than the 9.8% y\/y increase reported last month. Prices for services increased by 3.4% y\/y, the quickest annual rise since December 2019.<\/p>\n\n\n\n

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Transport remains\nthe largest contributor to the annual inflation rate, contributing 2.6\npercentage points to the annual inflation rate in October. On a month-on-month\nbasis, prices in this basket item declined for a second consecutive month after\nfalling by 0.7% m\/m in October. The decline was somewhat expected given the\n100c per litre drop in the petrol price that came into effect in early October,\nfollowing an even larger reduction in overall fuel prices in the month prior. Prices\nin the operation of personal transport equipment sub-category declined by 1.3%\nm\/m in October while on an annual basis inflation in this category slowed to\n26.8% y\/y from 30% y\/y in September. We expect inflation for this sub-category\nto pick up again in November following the 198c per litter increase in the\nprice of Diesel that came into effect earlier this month. Prices in the public\ntransportation services sub-category climbed by 0.4% m\/m and 6.8% y\/y whilst\nprices in the purchase of vehicles sub-category rose by 0.1% m\/m and 3.4% y\/y. Overall,\nprices in the transport basket rose by 17.8% y\/y in October.<\/p>\n\n\n\n

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Food &\nnon-alcoholic beverages were the second biggest contributor to annual\ninflation, contributing 1.7 percentage points to October\u2019s annual inflation\nprint. Overall, prices in this basket item rose 0.7% m\/m and 9.1% y\/y. All\nthirteen sub-categories in this basket item recorded price increases on an\nannual basis for the 10th<\/sup> consecutive month in October. Oils and\nfats again saw the largest price increase on an annual basis, rising 25.5% y\/y,\nfollowed by fruit prices which rose by 21.6% y\/y. <\/p>\n\n\n\n

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Alcohol & tobacco\ncontributed 0.9 percentage points to October\u2019s annual inflation print. Overall\nprices in the basket category rose by 0.4% m\/m and 6.7% y\/y, the quickest\nyear-on-year increase since October 2017. The alcoholic beverages sub-category printed\ninflation of 0.6% m\/m and 7.4% y\/y, while the prices of tobacco products fell by\n0.1% m\/m but increase by 3.7% y\/y. <\/p>\n\n\n\n

Overall, the transport-, food- and alcohol and tobacco categories accounted for 73% of October\u2019s inflation rate and remain the most influential drivers to Namibia\u2019s inflation print, with the other 9 categories contributing the remaining 27%.<\/p>\n\n\n\n

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Namibia\u2019s October annual inflation print at 7.1% continued\nto trend above the SARB\u2019s target ceiling of 6.0% for the 4th<\/sup>\nconsecutive month. South Africa by comparison saw its CPI print slow for a\nsecond consecutive month in September, but at 7.5% remains notably above the upper\nlimit of the SARB\u2019s target range. We expect both the SARB and the Bank of\nNamibia (BoN) to maintain a hawkish monetary stance for as long as inflation\nremains elevated above the target range. November\u2019s diesel price increase will\ncertainly not assist in alleviating inflationary pressures in the short run and\nmay prolong the BoN\u2019s fight in bringing inflation back within acceptable levels.\nIJG\u2019s inflation model currently forecasts Namibia\u2019s annual inflation rate to stay\nelevated above the upper target limit for the remainder of 2022, and for it to\nend the year at around 6.6%.  <\/p>\n\n\n\n

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Namibia\u2019s annual inflation rate remained steady at 7.1% y\/y in October. On a month-on-month basis, prices in the overall NCPI basket rose 0.2% m\/m. On an annual basis, overall prices in five of the twelve basket categories rose at a quicker rate in October than in September, five categories recorded \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-33898","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\/33898","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=33898"}],"version-history":[{"count":2,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/33898\/revisions"}],"predecessor-version":[{"id":33906,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/33898\/revisions\/33906"}],"wp:attachment":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/media?parent=33898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/categories?post=33898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/tags?post=33898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}