The latest figures released by the National Statistics Agency indicate a notable decrease in the annual inflation rate for February 2024 compared to the same period last year.
The annual inflation rate for February 2024 stood at 5%, a considerable decline from the 7.2% recorded in February 2023 according to NSA’s consumer price index.
Additionally, on a monthly basis, the inflation rate experienced no change, remaining at 0%, a drop from 1.3% recorded just a month earlier.
Zonal inflation rates for February 2024 were also revealed, with Zone 2, encompassing the Khomas region, recording the highest annual inflation rate of 5.5%. Following closely behind was Zone 1, covering Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi regions, with an inflation rate of 5.3%. Zone 3, which includes //Kharas, Erongo, Hardap, and Omaheke regions, recorded an annual inflation rate of 4%.
An analysis of average retail prices for selected products in February 2024 revealed regional discrepancies. Consumers in Zone 2 paid the highest price for a pack of 6 eggs at N$22.49, followed by Zone 3 at N$21.65, while consumers in Zone 1 paid the least at N$19.94.
Similarly, for stewing beef, consumers in Zone 1 paid the highest price of N$95.12 per kg, followed by Zone 3 at N$93.97 per kg, with Zone 2 paying the least at N$90.35 per kg.
These figures shed light on the varying economic landscapes across different regions, with implications for consumer spending patterns and economic policies moving forward.
