By: Staff Writer
Inflation rates across all regions of Namibia decelerated in February 2024, with the country’s annual inflation rate for the month standing at 5.0% year-on-year (y/y), down from 7.2% recorded in February 2023 and 5.4% in January 2024.
The Namibia Statistics Agency (NSA) reports that food and non-alcoholic beverages, accounting for 16.5% of the Namibia Consumer Price Index basket, played a significant role in this deceleration.
These categories registered an annual inflation rate of 5.8% in February 2024, a notable decline from the 14.0% recorded in February 2023.
This deceleration can mainly be attributed to the food subcategory, particularly bread and cereals, as well as oils and fats.
Bread and cereals prices, on average, declined by 0.4% in February 2024, compared to a significant 22.0% increase during the same month of the previous year.
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