Namibia revises inflation to 6 pct for 2022

WINDHOEK, April 14 — Namibia’s overall inflation is now projected to average around 6 percent for 2022, higher than the previous forecast of 4.4 percent, the country’s central bank governor, Johannes Gawaxab said in a Monetary Policy Announcement on Wednesday.
Gawaxab said although overall inflation remains within a reasonable range, its food and transport components are expected to remain elevated and continue to have a disproportionate effect on the low-income segment of the society, and therefore require close monitoring.
“Domestic inflationary pressures are building up. Inflation averaged 4.5 percent during the first two months of 2022, compared to 2.7 percent in the corresponding period of 2021,” he explained.
According to Gawaxab, the rise in inflation was mainly driven by an increase in transport inflation, on account of a rise in international oil prices.
“On a monthly basis, however, overall inflation declined marginally to 4.5 percent in February 2022 from 4.6 percent in January 2022,” he concluded. (Xinhua)