Namibia’s central bank lowers inflation projection

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Namibia Central Bank
Bank Of Namibia

Namibia’s central bank has lowered its inflation projection for 2023 to an average of 5.6 percent, down 0.4 percent from its previous forecast, due to unexpected deflation in the transport category, the Bank of Namibia (BoN) said Wednesday.

BoN Governor Johannes Gawaxab highlighted this during a Monetary Policy Committee announcement.

According to Gawaxab, Namibia’s average inflation rate rose to 6.2 percent during the first seven months of 2023 from 5.3 percent during the corresponding period in 2022.

“The rise in the average consumer prices continued to be predominantly driven by food and housing price inflation. Nevertheless, annual inflation declined to 4.5 percent in July 2023 from 5.3 percent in June 2023,” he added.

According to Gawaxab, real gross domestic product growth is projected to slow down to about 3.3 percent for 2023 compared to 4.6 percent registered in 2022, on account of slower growth in the primary industry.

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