INFLATION UPDATE ISSUE 012 NOVEMBER 2012 NAMIBIA
|
|
- Abel Montgomery
- 5 years ago
- Views:
Transcription
1 INFLATION UPDATE ISSUE 012 NOVEMBER 2012 NAMIBIA
2 Chart 1: Overall inflation Source: NSA and BON The latest official release by the Namibian Statistics Agency indicates that the annual rate of consumer price inflation (CPI) increased from 6.7 percent in September, to 7.1 percent (year on year) in October. This second consecutive spike in the CPI figure reaffirms our expectations that inflation is beginning an upward trend which is likely to persist into the new year, after bottoming out in August, as cost push pressure is starting to translate into higher domestic prices. The inflationary trend has reversed in the third quarter of the year after increasing to 6.7 percent in September from 5.8 percent in August, subsequently increasing at an even faster rate in the month of October (month on month inflation in October was 1.1 percent compared to the monthly increase of 0.8 percent in November). October will be remembered as a particularly volatile month for domestic prices, especially those of imported products, following the transport strike that took place in South Africa for the first half of October which affected the consistency of the supply of goods to retailers, notwithstanding the other cost push factors which are driving the overall price level higher.
3 Chart 2: Food price inflation Source: NSA Food and non-alcoholic beverages carries the largest weighting of all the categories in the consumption basket (at 29.6 percent), and as such any increase in food price inflation will have a significant bearing on overall inflationary pressure. Following a substantial increase in September to 9.2 percent from 7.3 percent in August, food price inflation has ticked up even further in October to 10.1 percent (year on year). The latest increase in food price inflation was due to year on year increases recorded from September to October in all the subgroups. The categories which experienced the most significant increases in year on year inflation from September to October included milk, cheese and eggs (5.7 percent to 6.9 percent), Meat (11.1 percent to 12.4 percent) and Fruit (4.6percent to percent).
4 Chart 3: Bread and cereal inflation vs. yellow maize and wheat prices Source: NSA and IMF Following a significant increase in the international prices of yellow maize and wheat as a result of severe droughts affecting the world s largest grain producers in June/July this year, bread and cereal price inflation in Namibia has picked up significantly in the ensuing months, most notably September and October. Bread and cereal price inflation increased from 6.5 percent (year on year) to 11.1 percent in September, and again in October to 12.4 percent. The world food price index as measured by the United Nations Food and Agriculture Organization averaged 213 points in October 2012, down 3 points (1 percent) from September. Compared to October 2011, the FAO Cereal Price Index is 12 percent higher, mostly on a 16 percent increase in wheat and coarse grains. In a recent statement Namibia s premier maize supplier, Namib Mills, announced that consumers can expect a slight easing in maize prices towards the end of the month which could potentially provide some relief to upward spiraling food price inflation. Maize is considered a staple food for most Namibians and as such it carries the single largest weighting in the CPI consumption basket of all food products, at roughly 4 percent of the entire consumption basket.
5 Chart 4: Transport inflation Source: NSA Following an increase in the annual rate of transport inflation in September, October saw a slight decrease in transport inflation to 6.1 percent from 6.3 percent (year on year). Breaking down the components which make up the transport inflation figure shows that the purchase of vehicle inflation has been relatively subdued, decreasing for the fourth consecutive month in October, to 2.8 percent from 3 percent in September(year on year). The purchase of vehicles sub component carries the largest weighting in the transport inflation figure and as such has offset the relatively bullish inflation stemming from the other categories of transport inflation, namely operation of transport equipment (which is the cost of fuel) at 10.8 percent in October, as well as public transport inflation- which reached a three year high of 16.4 percent in October. The cost of operation of transport equipment, specifically fuel costs, has several second round inflationary effects including the cost of importing goods into the country as well as public transport fees and general costs associated with running a business- which is eventually passed onto the consumer. October saw yet another increase in the petrol and diesel pump prices (25 cents and 35 cents per litre respectively). This increase took place despite the fact that the price of Brent Crude Oil (rhs), decreased in the month of October from US$ per barrel in September to US$ However, in the past few months the National Energy Fund (NEF) has been carrying the weight of price increases, thus limiting the burden on the consumer. However according to the Ministry of Mines and Energy, the NEF is approaching its limit in terms of subsidizing the cost of fuel and can no longer afford to protect consumers from the volatile oil prices and exchange rate fluctuations in the coming months.
6 Chart 5: Goods and services inflation Source: NSA The annual rate of services inflation decreased from 7.5 percent in September to 6.2 percent in October (year on year). October saw a 2.5 percentage point increase in the annual rate of goods inflation from 6.2 percent, to 8.7 percent. This can be partly attributed to the transport strike in South Africa which affected the supply of imported goods, limiting the consistency of deliveries for retailers and thus temporarily driving up prices.
7 Inflation Expectation The second successive hike in the Consumer Price Index in October vindicates our expectation that inflation has bottomed out in the third quarter, with cost push pressure driving domestic prices. Looking at food and non alcoholic beverage inflation over September and October, which carries a significant weighting in the consumption basket (roughly 30 percent), would lead to suggest that the knock on effects of record high global grain prices have filtered through to the Namibian market. The recent climb in domestic grain prices, and consequently most food prices, was largely anticipated as there is a lag before high international grain prices filter into the local market. However, the upward inflation trajectory has been perpetuated by a weaker exchange rate, stemming from the recent labour unrest in South Africa which resulted in the countries sovereign credit rating being downgraded by international credit rating agencies. The consequent outflow of capital derived from increased perceived risk has resulted in a significant depreciation of the rand (and thus Namibian Dollar) against all major currencies over the last two months. As a net importing country, the inflationary consequences of a weaker exchange rate for the Namibian economy are more pronounced. An example of this is the ongoing domestic fuel price increases; between August and October the global price of Brent crude oil has dropped by 5 percent, however over this same period the price of petrol and diesel has moved in the opposite direction, increasing by 5 percent. Looking forward we foresee continued volatility in the value of the Rand and as such do not anticipate an immediate recovery in the exchange rate in the short term. Furthermore, although global grain prices have stabilized, it will take time for domestic food prices to recover as the second round effects of higher grain prices will continue to impact on other food groups such as the cost of beef. The continued cost push pressure attributed to unfavorable exchange rate developments, coupled with strong levels of domestic demand as the festive season approaches (using annual private sector credit growth of 15.5 percent in September as a proxy) creates the perfect backdrop for continued uptick of domestic inflation going into 2013.
South African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT 24 January 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the previous meeting of
More informationSACU Inflation Report July 2011
SACU Inflation Report July 2011 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Gill Marcus, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 27 March 2014 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Gill Marcus, Governor of the South African Reserve Bank Since the previous
More informationSACU INFLATION REPORT. November 2018
SACU INFLATION REPORT November 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationSACU INFLATION REPORT. January 2017
SACU INFLATION REPORT January 2017 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 23 November 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 18 January 2018 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank In recent weeks,
More informationSACU INFLATION REPORT. March 2015
SACU INFLATION REPORT March 2015 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 30 March 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the previous
More informationSACU INFLATION REPORT. October 2018
SACU INFLATION REPORT October 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationBANK OF BOTSWANA MONETARY POLICY STATEMENT Mid-Year Review
BANK OF BOTSWANA MONETARY POLICY STATEMENT 00 Mid-Year Review 1. INTRODUCTION 1.1 The Monetary Policy Statement (MPS) released in February 00 specified several objectives that the Bank of Botswana intended
More informationSACU INFLATION REPORT. December 2014
SACU INFLATION REPORT December 2014 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationSACU INFLATION REPORT. February 2015
SACU INFLATION REPORT February 2015 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationSACU INFLATION REPORT. July 2018
SACU INFLATION REPORT July 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not
More informationINFLATION REPORT / I 015 2
INFLATION REPORT / I 5 INFLATION REPORT / I FOREWORD In 998, the Czech National Bank switched to inflation targeting. In the inflation targeting regime, the central bank s communication with the public
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Gill Marcus, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 18 September 2014 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Gill Marcus, Governor of the South African Reserve Bank Since the previous
More informationShort-term Inflation analysis and forecast. April 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
Short-term Inflation analysis and forecast April 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION c 2018 Bank of Jamaica Nethersole Place Kingston Jamaica Telephone: (876) 922
More informationOFFICIAL RELEASE. Monthly Consumer Price Index September 2018
REPUBLIC OF SOMALILAND MINISTRY OFPLANNING AND NATIONALDEVELOPMENT Central Statistics Department OFFICIAL RELEASE Monthly Consumer Price Index September 2018 Methodology This publication provides the monthly
More informationSACU INFLATION REPORT. February 2016
SACU INFLATION REPORT February 2016 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationSACU INFLATION REPORT. February 2017
SACU INFLATION REPORT February 2017 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationShort-term Inflation analysis and forecast. January 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
Short-term Inflation analysis and forecast January 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION c 2018 Bank of Jamaica Nethersole Place Kingston Jamaica Telephone: (876)
More informationNational Monetary Policy Forum. Chris Loewald, Head: Policy Development and Research 10 April 2016 Pretoria
National Monetary Policy Forum Chris Loewald, Head: Policy Development and Research 1 April 1 Pretoria In the April 17 MPR Executive summary & overview of the policy stance Overview of the world economy
More informationIndia s Economic Outlook
India s Economic Outlook Draft Report 2016-17 India-LINK Team* September 2016 Comments and queries may be addressed to: Pami Dua 1, N.R. Bhanumurthy 2 and Lokendra Kumawat 3 *These forecasts, developed
More informationNATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report November 2018
NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report November 8 Savo Jakovljević, Acting General Manager of the Economic Research and Statistics Department Belgrade, November 8 Ladies
More informationSACU INFLATION REPORT. December 2018
SACU INFLATION REPORT December 201 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationSACU INFLATION REPORT. June 2013
SACU INFLATION REPORT June 2013 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not
More informationShort-term Inflation analysis and forecast. May 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
Short-term Inflation analysis and forecast May 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION c 2018 Bank of Jamaica Nethersole Place Kingston Jamaica Telephone: (876) 922
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 20 November 2014 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the
More informationINFLATION REPORT May 2010
INFLATION REPORT May 2010 Research Services Department Bank of Jamaica 16 November 2010 CONTENTS A. NOTE: May 2010 i B. APPENDIX: TABLE 1A: Jamaica Headline Inflation Rates 1 TABLE 1B: CPI without Food
More informationINFLATION ANALYSIS AND PRICE SITUATION
8.9.8 INFLATION ANALYSIS AND PRICE SITUATION Annual Inflation. / / / /5 5/ /7* NCPI * Projected for FY /7 Year.5 Y-O-Y CPI Inflation 8... Inflation Projection for / (/7) A major objective of Nepal Rastra
More informationShort-term Inflation analysis and forecasts. November 2017 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
Short-term Inflation analysis and forecasts November 2017 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION c 2017 Bank of Jamaica Nethersole Place Kingston Jamaica Telephone: (876)
More informationInflation Report. July September 2012
July September 1 November 7, 1 1 Outline 1 External Conditions Economic Activity in Mexico 3 Monetary Policy and Inflation Determinants Forecasts and Balance of Risks External Conditions The growth rate
More informationNATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report May Dr Jorgovanka Tabaković, Governor
NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report May Dr Jorgovanka Tabaković, Governor Belgrade, May Ladies and gentlemen, representatives of the press, dear colleagues, Welcome
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 24 May 2018 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank In recent weeks,
More informationInflation Unit V[ Part1/2]
Inflation Unit V[ Part1/2] CPT General Economics Chapter - 6 Select Aspects of Indian Economy CA. Dipti Lunawat Learning Objectives Meaning & Types of Inflation Price Trends in India Causes of Inflation
More informationEthiopia: Impacts of the Birr Devaluation on Inflation¹
1 Ethiopia: Impacts of the Birr Devaluation on Inflation¹ November 8, 217 On October 1, 217, the National Bank continued unabated. The REER overvaluation of of Ethiopia (NBE) devalued the Birr by the Birr
More informationEthiopia: Impacts of the Birr Devaluation on Inflation¹
1 Ethiopia: Impacts of the Birr Devaluation on Inflation¹ November 8, 217 On October, 217, the National Bank of Ethiopia (NBE) devalued the Birr by 15 percent as pressures on the foreign exchange intensified.²
More informationINFLATION REPORT MARCH 2009
c INFLATION REPORT MARCH 2009 Contents A. NOTE: MARCH 2009 I B. APPENDIX: TABLE 1A: Jamaica s Headline Inflation Rates 1 TABLE 1B: CPI without Agriculture 2 TABLE 2 : Contribution to Inflation 3 TABLE
More information2017 FIRST QUARTER ECONOMIC REVIEW
2017 FIRST QUARTER ECONOMIC REVIEW MAY 2017 0 P a g e Overview The performance of the economy in the first quarter of 2017 was on a positive trajectory with annual growth projected to be about 3.9 % from
More informationShort-term Inflation analysis and forecast. October 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
Short-term Inflation analysis and forecast October 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION c 2018 Bank of Jamaica Nethersole Place Kingston Jamaica Telephone: (876)
More informationMID-TERM REVIEW OF THE 2016 MONETARY POLICY STATEMENT
MID-TERM REVIEW OF THE 1 MONETARY POLICY STATEMENT 1. INTRODUCTION 1.1 The Mid-Term Review (MTR) of the 1 Monetary Policy Statement (MPS) examines price developments and the underlying causal factors in
More informationT T Mboweni: Risks to the inflation outlook looking ahead to the August Monetary Policy Committee meeting
T T Mboweni: Risks to the inflation outlook looking ahead to the August Monetary Policy Committee meeting Address by Mr T T Mboweni, Governor of the South African Reserve Bank, to the Oxford & Cambridge
More informationNamibia Consumer Price Index
Namibia Consumer Price Index JULY, 2014 Est. by Statistics Act 9 of 2011 Namibia Statistics Namibia Consumer Price Index: July, 2014 Agency 1 OUR MISSION To in a coordinated manner produce and disseminate
More informationMPC update: The SARB cuts interest rates by 25bp as risks to inflation outlook seen to be reduced as SA avoids a Moody's rating downgrade
Figure 1: SA Consumer Inflation: history and forecasts 14 12 % change y/y 10 8 6 4 2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 MPC target period Actual Investec CPI
More informationDeflation seen in January at -0.7%
Dr. Mohd Afzanizam Abdul Rashid Chief Economist 03-2088 8075 afzanizam@bankislam.com.my Shafiz Jamaluddin Economic Analyst 03-2088 8075 shafiz@bankislam.com.my Nor Jannah Abdullah Economic Analyst 03-2088
More informationMonthly Report PERFORMANCE OF THE ECONOMY. May 2017 MACROECONOMIC POLICY DEPARTMENT MINISTRY OF FINANCE, PLANNING AND ECONOMIC DEVELOPMENT
Monthly Report PERFORMANCE OF THE ECONOMY May 2017 MACROECONOMIC POLICY DEPARTMENT MINISTRY OF FINANCE, PLANNING AND ECONOMIC DEVELOPMENT www.finance.go.ug Table of Contents SUMMARY:... 1 REAL SECTOR DEVELOPMENTS:...
More informationAustria: Sluggish economic growth
Martin Schneider 1 1 Austrian economy grows by.3% in second quarter of 215 According to the first full release of national accounts published on August 28, 215, the Austrian economy grew by.3% in the second
More informationEmergency Social Safety Net Market Bulletin WFP/Barkin Bulbul
Issue No. 1 Quarter 1 2017 Emergency Social Safety Net WFP/Barkin Bulbul The Emergency Social Safety Net () is a programme aiming to support the most vulnerable refugees in Turkey through unrestricted
More informationSACU INFLATION REPORT. December 2017
SACU INFLATION REPORT December 20 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not
More informationOBSERVATION. TD Economics U.S. INFLATION LIMBO HOW LOW CAN IT GO?
OBSERVATION TD Economics U.S. INFLATION LIMBO HOW LOW CAN IT GO? Highlights Inflation in America is slowing. The consumer price index (CPI) rose 1.7% year-over-year in September, down from.1% in August.
More informationPress Conference. Inflation Report. May Mugur Isărescu. Governor
Press Conference Inflation Report May 17 Mugur Isărescu Governor Bucharest, 15 May 17 1 The annual CPI inflation rate returned to positive territory at the onset of 17 4 annual percentage change Fiscal
More informationSOMALILAND CONSUMER PRICE INDEX
Methodology This publication provides monthly Consumer Price Indices Composite of Somaliland which is based on two main market baskets of Hargeisa urban households. The current Consumer Price Index was
More informationPress Conference. Inflation Report. November Mugur Isărescu. Governor
Press Conference Inflation Report November 5 Mugur Isărescu Governor Bucharest, 9 November 5 Dec. The annual inflation rate remained below the variation band of the target in 5 Mar. Jun. Sep. Dec. Mar.
More informationPrice and Inflation. Chapter-3. Global Inflation Scenario. Chart 3.1 National CPI inflation (12-month average : base FY06=100)
Global Inflation Scenario 3.1 Global inflation remained controlled in 1 while some commodity prices were still high. Decline in commodity prices, especially fuels and foods, has contributed to the decrease
More informationREPORT ON INFLATION 16 May 2018
REPORT ON INFLATION 16 May 2018 April s data hint at early signs of stabilisation In April, Romania s consumer price inflation continued to climb higher, reaching 5.2% YoY, after March s 5.0% (see Chart
More informationREPUBLIC OF SOMALILAND MINISTRY OFPLANNING AND NATIONALDEVELOPMENT Central Statistics Department OFFICIAL RELEASE
REPUBLIC OF SOMALILAND MINISTRY OFPLANNING AND NATIONALDEVELOPMENT Central Statistics Department OFFICIAL RELEASE Monthly Consumer Price Index November 2018 Methodology This publication provides the monthly
More informationINFLATION REPORT March 2010
INFLATION REPORT March 2010 Research Services Department Bank of Jamaica CONTENTS A. NOTE: March 2010 i B. APPENDIX: TABLE 1A: Jamaica Headline Inflation Rates 1 TABLE 1B: CPI without Food & Fuel (CPIFF)
More informationEconomic ProjEctions for
Economic Projections for 2016-2018 ECONOMIC PROJECTIONS FOR 2016-2018 Outlook for the Maltese economy 1 Economic growth is expected to ease Following three years of strong expansion, the Bank s latest
More informationRBI s Sixth Bi-Monthly Monetary Policy Review ( ) Maintains status quo...neutral Stance
7h February 2018 RBI s Sixth Bi-Monthly Monetary Policy Review (2017-18) Maintains status quo...neutral Stance Repo Rate unchanged at Reverse Repo Rate stands at 5.75% Marginal Standing Facility and Bank
More informationQUARTERLY ECONOMIC REVIEW (QER)
QUARTERLY ECONOMIC REVIEW (QER) Volume 2 No 5 April - June 2018 OBJECTIVES OF THE CENTRAL BANK OF KENYA The principal objectives of the Central Bank of Kenya (CBK) as established in the CBK Act are: 1)
More informationKingdom of Lesotho Peer Review Report on recent economic developments and the SADC Macroeconomic Convergence Program
Kingdom of Lesotho 2014 The peer review based monitoring and surveillance of the SADC Macroeconomic Convergence (MEC) program was launched by the MEC Peer Review Panel at its first meeting in May 2013
More informationINFLATION REPORT MAY 2009
c INFLATION REPORT MAY 2009 Contents A. NOTE: MAY 2009 I B. APPENDIX: TABLE 1A: Jamaica s Headline Inflation Rates 1 TABLE 1B: CPI without Agriculture 2 TABLE 2 : Contribution to Inflation 3 TABLE 3: Regional
More informationMarket Monitor September 2012
Market Monitor September 212 Excessive drought and extreme heat in the USA dominated agricultural commodity markets activity throughout the 212 summer growing season, pushing maize and soybeans prices
More informationNamibia Consumer Price Index
Namibia Consumer Price Index OCTOBER, 2015 Namibia Statistics Namibia Consumer Price Index:October, 2015 Agency 1 OUR MISSION In a coordinated manner produce and disseminate relevant, quality and timely
More informationQuarterly Economic Review
Central Bank of Kenya Quarterly Economic Review April - June 2016 Volume 1 No. 2 OBJECTIVES OF THE CENTRAL BANK OF KENYA The principal objectives of the Central Bank of Kenya (CBK) as established in the
More informationMACROECONOMIC FORECAST
MACROECONOMIC FORECAST Autumn 2017 Ministry of Finance of the Republic of Bulgaria The Autumn macroeconomic forecast of the Ministry of Finance takes into account better performance of the Bulgarian economy
More informationParaguay. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 Paraguay 1. General trends In 2015, Paraguay s gross domestic product (GDP) grew by 3%, which is lower than the 4.7% posted in 2014, but higher
More informationSACU INFLATION REPORT. January 2018
SACU INFLATION REPORT January 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationKENYA MACROECONOMIC UPDATE: JULY 2016
KENYA MACROECONOMIC UPDATE: JULY 2016 18 th July 2016 OUTLOOK: POSITIVE GROWTH EXPECTATIONS DESPITE VOLATILE EXOGENOUS SHOCKS Building on our previous report, Kenya Macroeconomic Outlook: 2016, we maintain
More informationPPI Inched Up 0.1% in Jun-18 Driven By Rising Commodity Price
31 July 2018 ECONOMIC REVIEW June 2018 Producer Price Index Inched Up 0.1% in Jun-18 Driven By Rising Commodity Price grew for the first time in 2018. Malaysia s producer prices increased by 0.1%yoy in
More informationACUMEN. Life of CPI. Three Year Average Inflation
Life of CPI Monetary policy in India has shifted decisively to using the Consumer Price Index (CPI) based inflation rather than Wholesale Price inflation since September 2013. We look at the history of
More informationUniversity Of Balamand Economics and Capital Markets Research Center A Banque Libano-Française Partnered Initiative
University Of Balamand Economics and Capital Markets Research Center A Banque Libano-Française Partnered Initiative Special Report February 5 0 THE IMPACT OF THE ONGOING OIL AND FOOD SHOCKS ON MONETARY
More informationQUARTERLY ECONOMIC REVIEW (QER)
QUARTERLY ECONOMIC REVIEW (QER) Volume 2 No 4 January - March 2018 OBJECTIVES OF THE CENTRAL BANK OF KENYA The principal objectives of the Central Bank of Kenya (CBK) as established in the CBK Act are:
More informationMonetary Policy Update December 2007
Monetary Policy Update December 7 At its meeting on 8 December, the Executive Board of the Riksbank decided to hold the repo rate unchanged at per cent. During the first half of 8 it is expected that the
More informationTHE REAL ECONOMY BULLETIN
GDP South Africa s recovery in the second quarter of 07 continued an emerging pattern of sharp quarterly fluctuations in. In this case, expansion was driven principally by agriculture and mining, with
More informationCommodities and Energy
Macro Research 24 October, 2016 Commodities and Energy Tentative commodity markets OPEC s production cut is the focus of attention Sluggish investment keeps a lid on metal prices Commodity prices slowly
More informationHeadline and Core Inflation December 2009
Headline and Core Inflation December 2009 Headline CPI published by the Central Agency for Public Mobilization and Statistics (CAPMAS) on January 10, 2010, declined by 1.3 percent (m/m) in December 2009,
More informationSolomon Islands Government
Solomon Islands Government Statistical Bulletin: 12/2017 HONIARA CONSUMER PRICE INDEX (July, 2017) Solomon Islands National Statistics Office Ministry of Finance & Treasury PO Box G6 Honiara Enquiries:
More informationAsda Income Tracker. Report: January 2015 Released: February Centre for Economics and Business Research ltd
Asda Income Tracker Report: January 2015 Released: February 2015 M a k i n g B u s i n e s s S e n s e Centre for Economics and Business Research ltd Unit 1, 4 Bath Street, London EC1V 9DX t 020 7324 2850
More informationDaniel Mminele: Thoughts on South Africa s monetary policy
Daniel Mminele: Thoughts on South Africa s monetary policy Address by Mr Daniel Mminele, Deputy Governor of the South African Reserve Bank, at the JP Morgan Investor Conference, Washington DC, 16 April
More informationSA Food Inflation Why all the fuss?
SA Food Inflation Why all the fuss? Gina Schoeman Lead SA Economist February/March 211 The Food Map SA CPI Global EM SA CPI Food The Food Story SA SA Retail SA Manu SA Agri 2 Global food inflation Global
More informationMONETARY POLICY REPORT RESERVE BANK OF MALAWI
RESERVE BANK OF MALAWI March 2018 RESERVE BANK OF MALAWI Monetary Policy Report March 2018 The Reserve Bank of Malawi has constitutional mandate to maintain price stability in Malawi. In this regard, the
More informationREPUBLIC OF SOMALILAND MINISTRY OF PLANNING AND NATIONAL DEVELOPMENT Central Statistics Department OFFICIAL RELEASE
REPUBLIC OF SOMALILAND MINISTRY OF PLANNING AND NATIONAL DEVELOPMENT Central Statistics Department OFFICIAL RELEASE Monthly Consumer Price Index October 2018 Methodology This publication provides the monthly
More informationECON 216 Economy of Ghana II
ECON 216 Economy of Ghana II Session 3 Inflation in Ghana I : Definition and Trends Lecturer: Dr. Frank Agyire-Tettey, Department of Economics, UG. Contact Information: fagyire-tettey@ug.edu.gh College
More informationThe national monthly CPI (2008=100) increased from per cent in November, 2017 to per cent
CONSUMER PRICE INDEX (CPI) December, 2017: PRESS RELEASE Released on Monday January 17, 2017 at 1:00 pm DECEMBER 2017 MONTHLY INFLATION RATE INCREASES SIGHTLY The national monthly CPI (2008=100) increased
More informationNATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report November 2017
NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report November Dr Ana Ivković, General Manager Directorate for Economic Research and Statistics Belgrade, November Ladies and gentlemen,
More informationDevelopments in inflation and its determinants
INFLATION REPORT February 2018 Summary Developments in inflation and its determinants The annual CPI inflation rate strengthened its upward trend in the course of 2017 Q4, standing at 3.32 percent in December,
More informationQuarterly Inflation Review
THE CENTRAL BANK OF THE RUSSIAN FEDERATION (BANK OF RUSSIA) Quarterly Inflation Review 2008 Q3 Research and Information Department The Quarterly Inflation Review is currently issued by the Bank of Russia
More informationSACU INFLATION REPORT. February 2018
SACU INFLATION REPORT February 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationInflation Update. Mild pick-up in inflation rates
December 8 Saudi CPI inflation Monthly change Annual change October 8 -.3. September 8 -.. Year-to-October average.3. Inflation rates in trade partners (latest) Kuwait Bahrain Oman Japan UAE S. Korea Euro
More informationThe Bank s new UK commodity price index
The Bank s new UK By Andrew Logan and Lucy O Carroll. (1) As a consequence of their method of calculation, existing commodity price indices do not provide an accurate summary measure of commodity price
More information1 RED June/July 2018 JUNE/JULY 2018
1 RED June/July 20 JUNE/JULY 20 2 RED June/July 20 MAJOR HIGHLIGHTS Headline consumer inflation grew by 4.9 per cent in June 20 compared to 4.8 per cent recorded in May 20 Inflation rate (% y/y) 4.9 (June)
More informationQuarterly Inflation Review
THE CENTRAL BANK OF THE RUSSIAN FEDERATION (BANK OF RUSSIA) Quarterly Inflation Review Introduction... 1 Inflation Dynamics... 3 Monetary Conditions... 17 Statistical Addendum... 26 Research and Information
More informationSolomon Islands Government
Solomon Islands Government Statistical Bulletin: 7/2017 HONIARA CONSUMER PRICE INDEX (April, 2017) Solomon Islands National Statistics Office Ministry of Finance & Treasury PO Box G6 Honiara Enquiries:
More informationReserve Bank of Malawi MONETARY POLICY STATEMENT # 6
Reserve Bank of Malawi MONETARY POLICY STATEMENT # 6 FEBRUARY 2018 APM LRR MPC OMO PR/MPR The Bank Definition and Acronyms Automatic Pricing Mechanism Liquidity Reserve Requirement Monetary Policy Committee
More informationThe Weekly Focus. A Market and Economic Update 3 April 2017
The Weekly Focus A Market and Economic Update 3 April 2017 Contents Economic Update...3 Weekly Market Analysis...6 Rates...7 STANLIB Money Market Fund... 7 STANLIB Enhanced Yield Fund... 7 STANLIB Income
More informationInflation projection of Narodowy Bank Polski based on the NECMOD model
Economic Institute Inflation projection of Narodowy Bank Polski based on the NECMOD model Warsaw / 9 March Inflation projection of the NBP based on the NECMOD model Outline: Introduction Changes between
More informationMONTHLY ECONOMIC REVIEW
MONTHLY ECONOMIC REVIEW November INSIDE THIS ISSUE: Selected Economic Indicators 2 Stock Market Developments 3 Banking Sector Developments 3 Inflation 4 National Payments System 6 Statistical Tables 8
More informationPRESS RELEASE. The evolution of the Consumer Price Index (CPI) of April 2018 (reference year 2009=100.0) is depicted as follows:
HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY Piraeus, 10 May 2018 PRESS RELEASE CONSUMER PRICE INDEX: April 2018, annual inflation 0.0% The evolution of the Consumer Price Index (CPI) of April 2018
More informationHONDURAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 HONDURAS 1. General trends Economic growth in Honduras picked up in 2015, reaching 3.6%, compared with 3.1% in 2014. This performance was mainly
More information