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This report examines the monthly inflation rate performance in Namibia as measured by the Namibia Consumer Price Index (NCPI). The inflation rate measures the change in the Consumer Price Index (CPI) for the month
under review compared to the previous month (month-on-month changes) as well as to the corresponding month in the previous year (year-on-year changes). The inflation rate is vital for purposes of economic policymaking, especially conducting monetary policy to maintain price stability and control consumers spending. The Consumer Price Index is published about 15 days after the end of the reference month to which it relates.

The annual inflation rate for February 2024, stood at 5.0 percent compared to 7.2 percent recorded in February 2023. On a monthly basis, the inflation rate was 0.0 percent, a drop from 1.3 percent recorded a month earlier.

The Zonal inflation rates for the month of February 2024 revealed that, Zone 2 (Khomas region) recorded the highest annual inflation rate of 5.5 percent, followed by Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi regions) which recorded an inflation rate of 5.3 percent and Zone 3 (//Kharas, Erongo, Hardap, Omaheke regions) annual inflation rate was 4.0 percent.

Analysis of the average retail prices of selected products for the month of February 2024 revealed that 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 price of N$19.94. 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, while Zone 2 paid the least price of
N$90.35 per kg.