June Namibia Consumer Price Index. Tel: Fax:

Transcription

1 Namibia Consumer Price Index N C P I June 2017 Namibia Statistics Agency P.O. Box 2133, FGI House, Post Street Mall, Windhoek, Namibia Tel: Fax: info@nsa.org.na Namibia Consumer Price Index - June

2 Mission Statement In a coordinated manner produce and disseminate relevant, quality and timely statistics that are fit-forpurpose 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 - June 2017

3 Contents Summary 4 Overall Inflation 5 Main Drivers of June 2017 Inflation rate 6 Box 1: NCPI Basket Weights 7 Major groups 8 Minor groups 10 Box 2: Chart of the Month 11 Goods and Services Inflation 12 Table 1: NCPI: All-Items Index, monthly and annual percentage changes (Dec 2012 =100) 13 TTable 2: NCPI for June 2017 by main groups and sub-groups (Dec.2012=100) Namibia Consumer Price Index - June

4 Summary The All Items Index for the month of June 2017 stood at an increase of 7.3 percentage points over the June 2016 index which stood at The increases in the June 2017 index from the June 2016 index emanated from increases recorded in the indices of all the groups comprising the Namibia CPI. The annual inflation rate for the month of June 2017 decelerated to 6.1 percent down from 6.7 percent recorded in June of the preceding year, a slowdown of 0.6 percentage points. The average annual inflation rate for the period January to June 2017 stood at 7.0 percent while the corresponding average rate registered during the same period a year earlier was estimated at 6.3 percent. The downward trend of declining monthly annual inflation from January 2017 continued. Alex Shimuafeni Statistician-General & CEO The average annual inflation rate for the period January to June 2017 stood at 7.0 percent while the corresponding average rate registered during the same period a year earlier was estimated at 6.3 percent. Annual inflation continues slowing down The June 2017 annual inflation rate slowed from 6.7 percent recorded in June 2016 to 6.1 percent. On a monthly basis it remained unchanged at 0.1 percent from May 2017 to June Namibia Consumer Price Index - June 2017

5 Overall Inflation Chart 1: NCPI; Monthly and annual percentage changes; June 2017 (Dec 2012 = 100) Namibia Consumer Price Index - June

6 Main Drivers of June 2017 Inflation rate The major drivers of the annual inflation rate were Housing, water, electricity, gas and other fuels (9.8 percent), Hotels, cafes and restaurants (8.7 percent), Education (7.8 percent) and Miscellaneous goods and services and Health each recorded (6.1 percent) respectively. Chart 2: NCPI; Annual percentage changes by all groups; June 2017 (Dec 2012 = 100) Miscellaneous 6.1% Hotel & Restaurants 8.7% Education 7.8% Recreation & Culture 5.3% Communications 4.1% Transport 5.0% Health 6.1% Furnishings etc. 4.2% Housing, Water, Electricity 9.8% Clothing 2.7% Alchohol & Tobbacco 3.0% Food etc. 4.6% 6 Namibia Consumer Price Index - June 2017

7 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. Housing, Water, Electricity, Gas and Other Fuels Food and Non-Alcoholic Beverages Transport Alcoholic Beverages and Tobacco Furnishings, Household Equipment Miscellaneous Goods and Services Communication Education Recreation and Culture Clothing and Footwear Health Hotels, Cafes and Restaurants 28.36% 16.45% 14.28% 12.59% 5.47% 5.39% 3.81% 3.65% 3.55% 3.05% 2.01% 1.39% Namibia Consumer Price Index - June

8 Major groups Food and non-alcoholic beverages 3.7% The category s annual inflation continue to decelerate, slowing down to 4.6 percent as compared to 11.3 percent registered in June The slow down emanated from decreases registered in the sub-components of Bread and cereals (-2.8 percent), Vegetables including potatoes and other tubers (-2.1 percent), Oils and fats (0.7 percent), Milk, cheese and eggs (2.9 percent) and Fruits (6.3 percent). The monthly inflation rate for Food and non alcoholic beverages stood at 0.2 up from -0.5 percent registered in the preceding month Alcoholic beverages and tobacco 3.3% The Alcoholic beverages and tobacco annual inflation rate for the month of June 2017 was estimated at 3.0 percent, down from 7.1 percent recorded in June This movement emanated from a decrease in the price levels of the two subcomponents comprising the group. On a monthly basis, the inflation rate for this category increased to 0.3 percent, up from 0.1 percent recorded during the preceding month. Chart 3: NCPI; Annual inflation rates for selected food sub-categories; June 2017 (Dec 2012 = 100) Chart 4: NCPI; Annual inflation rate for Alcoholic beverages and tobacco; June 2017 (Dec 2012 = 100) 8 Namibia Consumer Price Index - June 2017

9 Transport 7.1% The annual inflation rate for Transport during the month of June 2017 stood at 5.0 percent up from 3.0 percent recorded in June of the preceding year. This increase resulted from the rise in the price levels of Operation of personal transport equipment which increased to 5.8 percent up from 2.0 percent registered during the month of June 2016 as a subgroup of the Transport group. Housing, water, electricity, gas and other fuels 9.8% The annual inflation rate for Housing, water, electricity, gas and other fuels for June 2017 increased by 2.2 percentage points to 9.8 percent as compared to 7.6 percent recorded during the same period a year earlier. This increase resulted from the increases registered in all the sub-categories comprising the group. Chart 5: NCPI; Annual inflation rate for Transport; June 2017 (Dec 2012 = 100) Chart 6: NCPI; Housing, water, electricity, gas and other fuels; June 2017 (Dec 2012 = 100) Namibia Consumer Price Index - June

10 Minor groups For the minor groups, annual inflation rates were Hotels, cafés and restaurants (8.7 percent), Education (7.8 percent), Miscellaneous goods and services (6.1 percent), Health (6.1 percent), Recreation and culture (5.3 percent), Furnishing, household equipment and routine maintenance of the house (4.2 percent). Communications and Clothing and footwear groups continue to register the lowest annual inflation rates of 4.1 and 2.7 percent respectively. Chart 7: NCPI; Annual inflation rates for Minor groups; June 2017 (Dec 2012 = 100) 10 Namibia Consumer Price Index - June 2017

11 Box 2: Chart of the Month The Clothing and footwear group annual inflation rate for the month of June 2017 stood at 2.7 percent as compared to -1.7 percent recorded in June of last year. This increase resulted from increases in the price levels of Women s clothing which rose from -4.1 percent in June 2016 to 0.2 percent in June 2017; Adult footwear from -9.5 percent to 2.4 percent, Boys clothing from -6.5 percent to 2.9 percent, Infant s clothing from 2.4 percent to 7.6 percent and Children s footwear from -1.6 percent to 8.9 percent. The monthly inflation for this group increased to 0.2 percent compared to 0.1 percent recorded in the preceding month. Chart 8: NCPI; Annual inflation rates for selected Clothing and footwear; June 2017 (Dec 2012 = 100) Namibia Consumer Price Index - June

12 Goods and Services Inflation The June 2017 Index for Goods and Services stood at and respectively as compared to the corresponding indices of and recorded during the same period last year. For the month of June 2017, the monthly and annual inflation rates for Goods were 0.2 and 4.5 percent while for Services were estimated at 0.0 and 8.2 percent respectively. The corresponding rates recorded during the same period in the previous year stood at 0.6 and 7.1 percent for goods, and 0.0 and 6.2 percent for services respectively. Chart 9: NCPI; Goods and Services monthly and annual inflation rates; June 2017 (Dec 2012 = 100) 12 Namibia Consumer Price Index - June 2017

13 Table 1: NCPI: All-Items Index, monthly and annual percentage changes (Dec 2012 =100) Period Index m-o-m y-o-y Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec An. Av Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec An. Av Jan Feb Mar Apr May Jun Namibia Consumer Price Index - June

14 TTable 2: NCPI for June 2017 by main groups and sub-groups (Dec.2012=100) CPI Inflation Rate Weights Jun-16 May-17 Jun-17 m-o-m y-o-y ALL ITEMS GOODS SERVICES FOOD AND NON-ALCOHOLIC BEVERAGES Food Bread and cereals Meat Fish Milk, cheese and eggs Oils and fats Fruit Vegetables including potatoes and other tubers Sugar, jam, honey, syrups, chocolate and confectionery Food products n.e.c Non-alcoholic beverages Coffee, tea and cocoa Mineral waters, soft drinks and juices ALCOHOLIC BEVERAGES AND TOBACCO Alcoholic beverages Tobacco CLOTHING AND FOOTWEAR Clothing Clothing materials Ready-made clothing Men's clothing Women's clothing Children's clothing Boys' clothing Girls' clothing Infants' clothing Other articles of clothing and clothing accessories Dry cleaning, repair and hire of clothing Namibia Consumer Price Index - June 2017

15 TTable 2: NCPI for June 2017 by main groups and sub-groups (Dec.2012=100) Weights CPI Inflation Rate Jun-16 May-17 Jun-17 m-o-m y-o-y Footwear Adult footwear Children's footwear Repair of footwear HOUSING, WATER, ELECTRICITY, GAS AND OTHER FUELS Rental payments for dwelling (both owners and renters) Regular maintenance and repair of dwelling Water supply, sewerage service and refuse collection Electricity gas and other fuels FURNISHINGS, HOUSEHOLD EQUIPMENT AND ROUTINE MAINTENANCE OF THE HOUSE Furniture, furnishings, decorations, carpets, floor coverings, incl. repairs Furniture and furnishings Carpets and other floor coverings Repair of furnishings and floor coverings Household textiles Heating and cooking appliances, refrigerators, washing machines and similar major household appliances, etc Glassware, tableware and household utensils Tools and equipment for house and garden Goods and services for routine household maintenance HEALTH Medical products, appliances and equipment Outpatient Services, medical, dental and paramedical Hospital services Namibia Consumer Price Index - June

16 TTable 2: NCPI for June 2017 by main groups and sub-groups (Dec.2012=100) Weights CPI Inflation Rate Jun-16 May-17 Jun-17 m-o-m y-o-y TRANSPORT Purchase of vehicles Operation of personal transport equipment Public transportation services COMMUNICATIONS RECREATION AND CULTURE 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 Recreation and cultural services Newspapers, books and stationery Package holidays EDUCATION Pre-primary education (ages 2 to 6 years) Primary (private) and Secondary education (ages 7 to 17 years) Tertiary education HOTELS, CAFES AND RESTAURANTS Catering Accommodation services MISCELLANEOUS GOODS AND SERVICES Personal care Personal effects (n.e.c.) not elsewhere classified Insurance Financial services (n.e.c.) not elsewhere classified Other services (n.e.c.) not elsewhere classified Namibia Consumer Price Index - June 2017

17 Namibia Consumer Price Index - June

18 Namibia Consumer Price Index N C P I June Namibia Consumer Price Index - June 2017