Namibia’s headline annual inflation rate for May 2024 fell noticeably to 4.9%, down from 6.3% recorded in May 2023, according to the Consumer Price Index Bulletin of the Namibia Statistics Agency (NSA). ) on June 6, reports the Namibia Economist newspaper.
On a monthly basis, the inflation rate increased slightly: 0.3% compared to that recorded the previous month. The bulletin also provides information on zonal inflation rates, revealing regional differences in inflationary pressures.
In a major development, the NSA has announced the introduction of core inflation calculations starting in April 2024 (the first month of the new financial year). Core inflation removes volatile elements such as food and energy prices from the calculation of headline inflation, providing a more stable measure of inflation. In May 2024, the core inflation rate was 4.1%. This is slightly below the headline inflation rate of 4.9%, indicating some degree of stability in the economy.
The decline in the annual inflation rate, together with the introduction of core inflation, reflects positive developments in Namibia’s economic management and policies and generates optimism for the future.
Source: Rossa Primavera
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