Namibia Consumer Price Index

Transcription

1 Namibia Consumer Price Index August 2016 Namibia Statistics Agency, P. O. Box 2133, Windhoek, FGI House, Post Street Mall Tel: Fax: Namibia Consumer Price Index - August

2 Mission Statement In a coordinated manner produce and disseminate relevant, quality and timely statistics that are fit-for-purpose in accordance with international standards and best practice Vision Statement Be a high performance institution in statistics delivery Core Values Performance Integrity Service focus Transparency Accuracy Partnership 2 Namibia Consumer Price Index - August 2016

3 Annual Inflation Rate Increased The annual inflation rate for August 2016 stood at 6.8 percent as compared to 3.4 percent registered in August On a monthly basis it stood at 0.2 percent. Summary The All Items Index for August 2016 was estimated at as compared to registered in August The annual inflation rate increased to 6.8 percent in August 2016 up from the 3.4 percent registered during the same period last year. On a monthly basis, the inflation rate slowed to 0.2 percent as compared to 0.6 percent registered in the previous month. This increase in annual inflation rate resulted from increases recorded in all the groups comprising Namibia CPI except Alcoholic beverages and tobacco which slowed down to 5.6 percent from 7.2 percent and Miscellaneous goods and services which slowed down to 5.5 percent registered in August 2016 from 6.2 percent registered in August Alex Shimuafeni Statistician-General Namibia Consumer Price Index - August

4 Overall Inflation Chart 1: NCPI; Monthly and annual percentage changes; August 2016 (Dec 2012 = 100) 4 Namibia Consumer Price Index - August 2016

5 Main drivers of Inflation During the month of August 2016, the major drivers of the annual inflation rate were in the groups of Food and non-alcoholic beverages (11.5 percent), Hotels, cafes and restaurants (8.4 percent), Housing, water electricity, gas and other fuels (8.0 percent), Education (7.6 percent), Health (6.8 percent) and Alcoholic beverages and tobacco (5.6 percent). Chart 2: NCPI; Annual percentage changes by all groups, August 2016 (Dec 2012 = 100) Namibia Consumer Price Index - August

6 Box 1: NCPI Basket Weights Inflation is calculated based on a basket of goods and services, containing a representative sample of the goods and or services commonly consumed in a country, and weighted in accordance with the relative percentage of expenditure allotted to each of the said goods at household level. The price of these goods and services are then tracked over time, to illustrate the change in the cost of living over time. As spending patterns change, new products and services are added to the basket, and the basket reweighted so as to better capture the current spending patterns of the consumer at the current point in time. As such, the inflation basket is generally reconstituted every five years. In Namibia, the basket was last rebased in 2013, using household expenditure data collected in the 2009/10 Household Income and Expenditure Survey. The basket now contains over 350 items, grouped into 12 categories and 55 sub-categories, for which prices are collected on a monthly basis from more than 900 retail outlets. Namibian inflation however, is largely determined by three categories of the overall NCPI basket, namely: (i) Housing, water, electricity, gas and other fuels, (ii) Food and non-alcoholic beverages and (iii) Transport, which cumulatively make up just under 60 percent of the total inflation basket. Additionally, following the rebasing of the NCPI basket in 2013, Alcoholic beverages and tobacco make up an additional 12.6 percent of the basket, meaning that the four largest categories represent well over 70 percent of the total basket. As such, a large increase in inflation in these categories has a greater impact on the overall inflation than do increases in the lower weighted categories. Thus, it is rare to see major increases in overall inflation attributed to the lower weighted categories, despite the fact that these categories may have seen relatively high inflation in their own right. 6 Namibia Consumer Price Index - August 2016

7 Major groups Food and non-alcoholic beverages The annual inflation for this category stood at 11.5 percent as compared to 5.5 percent recorded 12 months ago in August 2015, an increase of 6.0 percentage points. The significant increase in this group emanated from annual price increases recorded in all the sub-groups comprising the Food and non-alcoholic beverages component. The monthly inflation rate for this category, decreased to 0.2 percent as compared to 1.0 percent registered in the previous month. Chart 3: NCPI; Annual inflation rates for selected food sub-categories; August 2016 (Dec 2012 = 100) Namibia Consumer Price Index - August

8 Alcoholic beverages and tobacco The annual inflation rate for the Alcoholic beverages and tobacco component for the month of August 2016 stood at 5.6 percent as compared to 7.2 percent registered in August of the preceding year, resulting in a slow down of 1.6 percentage points. This movement emanated from a decrease in the prices of the Tobacco subcomponent of the group. The monthly inflation for this group stood at -0.1 percent, compared to -0.3 percent recorded a month earlier. Chart 4: NCPI; Annual inflation rate for Alcoholic beverages and tobacco; August 2016 (Dec 2012 = 100) 8 Namibia Consumer Price Index - August 2016

9 Transport The annual inflation rate for the Transport group increased to 3.4 percent in August 2016 from -1.4 percent registered in August 2015, resulting in a significant increase of 4.8 percentage points. This huge increase resulted from increases recorded in the price levels of purchase of vehicles and operation of transport equipment subcomponents, which increased from 7.1 and -4.6 percent obtained in August 2015 to 9.6 and 2.2 percent registered in August Chart 5: NCPI; Annual inflation rate for Transport; August 2016 (Dec 2012 = 100) Namibia Consumer Price Index - August

10 Housing, water, electricity, gas and other fuels The annual inflation rate for Housing, water, electricity, gas and other fuels category stood at 8.0 percent in August 2016 as compared to 2.4 percent recorded during the same period a year earlier. This increases originated from the increasing in rental payments for dwelling 1.5 to 7.0 percent, electricity, gas and other fuel which increased from 4.6 to 12.4 percent and water supply, sewerage service and refuse collection increased from 9.7 to percent. Chart 6: NCPI; Housing, water, electricity, gas and other fuels; August 2016 (Dec 2012 = 100) 10 Namibia Consumer Price Index - August 2016

11 Minor groups For the minor groups, annual inflation rates were observed in the groups of Hotels, cafes and restaurants (8.4 percent), Education (7.6 percent), Health (6.8 percent), Miscellaneous goods and services (5.5 percent), Communications (2.7 percent). Clothing and footwear registered the lowest annual inflation rate of 0.8 percent. Chart 7: NCPI; Annual inflation rates for Minor groups; August 2016 (Dec 2012 = 100) Namibia Consumer Price Index - August

12 Box 2: Chart of the Month Chart 8: NCPI; Annual inflation rate for Hotels, cafes and restaurants; August 2016 (Dec 2012 = 100) For the month of August 2016, the annual inflation rate for Hotels, cafes and restaurants rose to 8.4 percent from 6.2 percent recorded during the same period last year. This increase resulted from the increase in the prices of accommodation services which increased from 4.8 percent recorded in August 2015 and hit a high of 10.2 percent in August Namibia Consumer Price Index - August 2016

13 Goods and Services Inflation For the month of August 2016, the Index for Goods and Services stood at and respectively as compared to the corresponding indices of and recorded during the same period last year. The monthly and annual inflation rates for Goods were 0.1 and 7.1 percent while those of Services stood at 0.2 and 6.4 percent respectively. The corresponding rates recorded during the same period of last year stood at 0.3 and 3.7 percent and 0.3 and 2.9 percent respectively. Chart 9: NCPI; Goods and Services monthly and annual inflation rates; August 2016 (Dec 2012 = 100) Namibia Consumer Price Index - August

14 Table 1: NCPI: All-Items Index, monthly and annual percentage changes (Dec 2012 =100) Period Index m-o-m y-o-y Jan ,9 0,9 4,9 Feb ,6 0,7 5,2 Mar ,3 0,6 5,2 Apr ,3 1,0 5,9 May ,6 0,3 6,1 Jun ,9 0,3 6,1 Jul ,1 0,2 5,6 Aug ,4 0,3 5,4 Sep ,6 0,2 5,3 Oct ,7 0,1 5,0 Nov ,9 0,2 5,0 Dec ,8-0,2 4,6 An. Av 108,6 0,4 5,4 Jan ,6 0,8 4,5 Feb ,4-0,2 3,6 Mar ,9 0,4 3,4 Apr ,5 0,5 2,9 May ,9 0,4 3,0 Jun ,3 0,3 3,0 Jul ,7 0,4 3,3 Aug ,1 0,3 3,4 Sep ,2 0,1 3,3 Oct ,4 0,2 3,4 Nov ,6 0,2 3,3 Dec ,8 0,2 3,7 An. Av 112,3 0,3 3,4 Jan ,5 2,4 5,3 Feb ,2 0,6 6,1 Mar ,1 0,8 6,5 Apr ,8 0,6 6,6 May ,4 0,5 6,7 Jun ,8 0,3 6,7 Jul ,6 0,6 7,0 Aug ,8 0,2 6,8 14 Namibia Consumer Price Index - August 2016

15 Table 2: NCPI for July 2016 by main groups and sub-groups (Dec.2012=100) Weights CPI Inflation Rate Aug-15 Jul-16 Aug-16 m-o-m y-o-y ALL ITEMS 100,00 113,06 120,6 120,8 0,2 6,8 GOODS 57,7 116,0 124,1 124,2 0,1 7,1 SERVICES 42,3 109,3 116,0 116,2 0,2 6,4 FOOD AND NON-ALCOHOLIC BEVERAGES 16,45 118,08 131,9 131,6-0,2 11,5 Food 14,78 118,8 132,9 132,9 0,0 11,9 Bread and cereals 4,84 114,9 131,2 131,0-0,2 14,0 Meat 3,53 122,8 129,1 129,0-0,1 5,0 Fish 0,81 116,5 130,0 130,0 0,0 11,5 Milk, cheese and eggs 1,17 126,4 139,2 138,6-0,4 9,6 Oils and fats 0,78 111,0 128,6 129,6 0,8 16,8 Fruit 0,33 117,0 138,8 136,7-1,5 16,8 Vegetables including potatoes and other tubers 1,23 122,0 146,8 142,2-3,2 16,5 Sugar, jam, honey, syrups, chocolate and confectionery 1,44 121,1 135,6 140,7 3,8 16,2 Food products n.e.c. 0,65 114,6 128,9 129,3 0,3 12,8 Non-alcoholic beverages 1,66 111,5 122,3 120,1-1,8 7,7 Coffee, tea and cocoa 0,31 119,1 141,4 142,9 1,1 20,0 Mineral waters, soft drinks and juices 1,35 109,7 117,9 114,9-2,5 4,7 ALCOHOLIC BEVERAGES AND TOBACCO 12,59 123,4 130,3 130,2-0,1 5,6 Alcoholic beverages 9,99 123,8 132,7 132,4-0,2 7,0 Tobacco 2,61 121,9 121,2 121,6 0,3-0,2 CLOTHING AND FOOTWEAR 3,05 106,0 106,2 106,9 0,6 0,8 Clothing 2,04 106,2 109,8 109,8-0,1 3,4 Clothing materials 0,07 114,1 132,8 129,4-2,6 13,4 Ready-made clothing 1,93 105,8 108,9 109,0 0,1 3,0 Men's clothing 0,53 109,3 112,0 112,3 0,3 2,7 Women's clothing 0,58 101,3 99,9 100,6 0,7-0,7 Children's clothing 0,66 107,4 115,8 115,0-0,8 7,1 Boys' clothing 0,19 111,9 106,4 105,3-1,0-5,9 Girls' clothing 0,26 106,0 126,3 125,1-1,0 18,0 Infants' clothing 0,09 100,6 103,3 104,2 0,9 3,6 Other articles of clothing and clothing accessories 0,04 111,4 114,7 114,1-0,5 2,4 Dry cleaning, repair and hire of clothing 0,00 106,4 121,4 121,4 0,0 14,1 Footwear 1,01 105,7 98,9 101,1 2,2-4,4 Adult footwear 0,80 104,4 95,9 98,0 2,2-6,1 Children's footwear 0,20 110,6 109,5 111,8 2,1 1,1 Repair of footwear 0,01 111,5 126,0 126,0 0,0 13,0 Namibia Consumer Price Index - August

16 Table 2: NCPI for July 2016 by main groups and sub-groups (Dec.2012=100) Weights CPI Inflation Rate Aug-15 Jul-16 Aug-16 m-o-m y-o-y HOUSING, WATER, ELECTRICITY, GAS AND OTHER FUELS 28,36 108,6 117,0 117,2 0,2 8,0 Rental payments for dwelling (both owners and renters) 23,28 105,3 112,7 112,7 0,0 7,0 Regular maintenance and repair of dwelling 0,19 116,9 125,1 124,5-0,5 6,5 Water supply, sewerage service and refuse collection 1,03 136,0 150,1 151,5 0,9 11,4 Electricity gas and other fuels 3,86 120,5 133,9 135,4 1,1 12,4 FURNISHINGS, HOUSEHOLD EQUIPMENT AND ROUTINE MAINTENANCE OF THE HOUSE Furniture, furnishings, decorations, carpets, floor coverings, incl. repairs 5,47 112,5 118,6 117,9-0,6 4,8 1,78 106,4 106,2 106,4 0,2 0,0 Furniture and furnishings 1,69 106,0 105,5 105,6 0,1-0,4 Carpets and other floor coverings 0,07 110,8 113,4 115,4 1,8 4,2 Repair of furnishings and floor coverings 0,02 125,5 149,0 149,0 0,0 18,7 Household textiles 0,73 118,1 124,3 120,6-3,0 2,1 Heating and cooking appliances, refrigerators, washing machines and similar major household appliances, etc 0,92 114,6 122,4 120,7-1,3 5,3 Glassware, tableware and household utensils 0,22 117,4 133,6 134,6 0,7 14,7 Tools and equipment for house and garden 0,43 111,1 119,2 120,2 0,8 8,1 Goods and services for routine household maintenance 1,36 115,4 126,5 126,0-0,4 9,2 HEALTH 2,01 111,0 118,0 118,5 0,5 6,8 Medical products, appliances and equipment 0,84 108,6 113,2 114,5 1,2 5,4 Outpatient Services, medical, dental and paramedical 0,98 115,1 125,5 125,5 0,0 9,1 Hospital services 0,19 100,0 100,0 100,0 0,0 0,0 TRANSPORT 14,28 111,0 114,3 114,8 0,4 3,4 Purchase of vehicles 2,88 122,5 132,2 134,2 1,6 9,6 Operation of personal transport equipment 8,96 106,5 108,6 108,8 0,2 2,2 Public transportation services 2,44 114,1 114,3 114,2 0,0 0,1 COMMUNICATIONS 3,81 100,1 102,9 102,8-0,1 2,7 16 Namibia Consumer Price Index - August 2016

17 Table 2: NCPI for July 2016 by main groups and sub-groups (Dec.2012=100) Weights CPI Inflation Rate Aug-15 Jul-16 Aug-16 m-o-m y-o-y RECREATION AND CULTURE 3,55 113,8 120,1 120,3 0,1 5,7 Audio-visual, photographic and data processing equip. incl. repairs Other major durables for recreation and culture Other recreational items and equipment; flowers, gardens and pets 1,16 108,21 111,2 111,9 0,6 3,4 0,08 118,2 133,8 134,6 0,6 13,9 0,46 114,2 121,1 120,2-0,7 5,3 Recreation and cultural services 0,85 117,3 124,7 124,7 0,0 6,3 Newspapers, books and stationery 0,89 112,4 119,1 120,5 1,1 7,2 Package holidays 0,11 150,7 171,8 162,0-5,7 7,5 EDUCATION 3,65 117,3 126,2 126,2 0,0 7,6 Pre-primary education (ages 2 to 6 years) 0,23 130,4 147,6 147,6 0,0 13,2 Primary (private) and Secondary education (ages 7 to 17 years) 1,44 113,0 124,7 124,7 0,0 10,4 Tertiary education 1,98 118,8 124,7 124,7 0,0 5,0 HOTELS, CAFES AND RESTAURANTS 1,39 119,04 126,5 129,1 2,0 8,4 Catering 0,74 118,04 123,3 126,1 2,3 6,8 Accommodation services 0,65 120,19 130,2 132,4 1,7 10,2 MISCELLANEOUS GOODS AND SERVICES 5,39 112,4 117,4 118,6 1,1 5,5 Personal care 1,41 112,1 119,0 120,0 0,8 7,1 Personal effects n.e.c. 1,03 115,0 120,2 122,9 2,2 6,9 Insurance 0,74 108,8 110,7 110,7 0,0 1,7 Financial services n.e.c. 0,94 113,9 123,2 123,2 0,0 8,2 Other services n.e.c. 1,26 111,8 112,8 114,9 1,9 2,8 Namibia Consumer Price Index - August

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