Namibia’s annual inflation rate for November 2024 is slightly lower than what was registered in October 2024.
According to the Namibia Consumer Price Index bulletin for November, released by Namibia Statistics Agency chief executive Alex Shimuafeni, the inflation stood at 3.0% compared to 5.7% registered in November 2023.
On a monthly basis, the inflation rate for November was 0.3%, slightly lower than the 0.4% registered in October 2024.
The bulletin says inflation rates for November 2024 show that zone 2 (the Khomas region) recorded the highest zonal rate of 4.1% while zone 1 (the Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi regions) and zone 3 (the //Kharas, Erongo, Hardap, Omaheke regions) each recorded an annual inflation rate of 2.3%.
“The analysis of the average retail prices for selected products in November 2024 showed that consumers in zone 3 paid the highest price for a 5kg bag of maize meal at N$71.19, followed by zone 2 at N$70.99, while consumers in zone 1 paid the lowest price of N$70.36,” says Shimuafeni.
Meanwhile, the bulletin says consumers in zone 2 paid the highest price for 100g Rooibos tea bags at N$39.28; followed by zone 3 at N$36.99, with zone 1 consumers paying the lowest price of N$32.98.
“In comparison to the headline inflation rate of 3.0%, the core inflation rate stood at 3.9%,” days Shimuafeni, adding that the term “core inflation” describes a measure of inflation that excludes certain volatile elements from the overall inflation calculation.
“These volatile elements typically include food and energy prices, which tend to experience significant price fluctuations due to factors such as weather conditions, geopolitical events, or changes in supply and demand,” he says.
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