Home Business Namibia inflation retreats from seven-year high in February

Namibia inflation retreats from seven-year high in February

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Namibia’s consumer inflation retreated from a seven-year high in February, helped by a slowdown in price increases for alcoholic beverages and tobacco, the statistics office said on Wednesday.

Inflation slowed to 7.8 percent year-on-year in February from 8.2 percent in January, which was its highest level since Oct. 2009, Namibia Statistics Agency said.

The main driver of the slowdown in inflation was the alcoholic beverages and tobacco index, which recorded a decline to 5.4 percent from 7.9 percent previously.

On a month-on-month basis CPI fell to 0.2 percent in February from 3.2 percent the previous month.

Separately, the statistics office said Namibia’s trade deficit fell to 29.8 billion Namibian dollars ($2 billion) in 2016 from N$39.6 billion recorded in the previous year.

“The recent decline in the deficit emanated from stronger growth in exports revenue than the growth in import expenditure,” the agency said in a statement.

Exports receipts increased to N$70.6 billion compared to N$58.6 billion in prior year. Namibia mainly exported diamonds, copper ores, vessels, fish, and copper cathodes, in the year under review, the agency said.

The expenditure on imports grew by 2.5 percent to N$100.8 billion in 2016, attributed to high domestic demand for mineral fuels and oils, vehicles, boilers, diamonds and vessels.

REUTERS

 

 

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