Day: May 12, 2023

The year-on-year inflation rate increased to 6.1 per cent last month compared to the 5.6 per cent recorded in April 2022.

This is according to the Namibia Consumer Price Index (NCPI) bulletin for April 2023 released by the Namibia Statistics Agency on Thursday.

“On a month-on-month basis, the inflation rate slowed to 0.4 per cent, down from 0.6 per cent registered during the preceding month,” it said.

It further said based on the price movements at the zonal level for April 2023, Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi) recorded the highest annual inflation rate of 6.3 per cent.

This was followed by Zone 3 (||Kharas, Erongo, Hardap and Omaheke), which recorded an inflation rate of 6.0 per cent, while Zone 2 (Khomas) recorded the lowest annual inflation rate of 5.9 per cent.

On a monthly basis, Zone 2 and 1 recorded the highest monthly price changes of 0.6 per cent and 0.3 per cent, and Zone 3 recorded the slightest monthly change of 0.2 per cent.

The NCPI bulletin further noted that analysis of the average retail prices of selected products for April 2023 revealed that consumers in Zone 2 paid the highest price for a 750 millilitre (ml) bottle of pure sunflower oil at N.dollars 36.89, followed by Zone 3 at N.dollars 36.40. Consumers in Zone 1 paid the lowest price of N$36.07.

For a standard loaf of white bread, consumers in Zone 2 paid the lowest price at N.dollars 13.16, while the highest price was paid by consumers residing in Zone 3 at N.dollars 13.70. According to the bulletin, the major contributors to the annual inflation rate for April 2023 were food and non-alcoholic beverages (2.5 percentage points); alcoholic beverages and tobacco (0.9 percentage points); housing, water, electricity, gas, and other fuels (0.7 percentage points); and transport (0.6 percentage points), while all other divisions’ contribution stood at 1.5 percentage points.

“During the month of April 2023, the annual inflation rate for goods went up by 8.2 per cent compared to 7.4 per cent registered during the same period last year, while inflation rate for services rose by 3.2 per cent in April 2023 compared to 3.1 per cent recorded in April 2022,” it said.

It also explained that services such as public transport during the same period rose by 3.2 per cent, compared to the 3.1 per cent recorded in April 2022.

Source: The Namibian Press Agency

Minister of Mines and Energy, Tom Alweendo, has emphasised the importance of Namibia’s policy environment, particularly its institutional and political aspects, in ensuring that the discovery of oil and gas becomes a blessing for the country.

Alweendo made these remarks at the National Stakeholder Workshop on the Draft Local Content Policy (LCP) held in Windhoek.

He said the ministry is dedicated to safeguarding the country’s resources and implementing policies that will enable all Namibians to benefit.

Alweendo stressed that inclusivity and transparency should be key guiding principles during the policy drafting process, saying merely putting policies on paper is not enough and the actual implementation should ensure ethical operations across the board.

“I am also equally aware that designing an LCP is complex and that each LCP must reflect our realities and priorities. We need an LCP that will facilitate economic diversification and deepen backward and forward linkages from various segments of the oil and gas sector value chain, thereby fast-tracking our industrialisation,” he said.

The minister further stated that the policy must include elements that prioritise job creation for Namibians, foster in-country value creation to accelerate industrialisation, and enhance local entrepreneurship through enterprise development, skills, and technology transfer. It will be a requirement for international companies participating in Namibia’s oil and gas sector to fully comply with the LCP.

Petroleum Commissioner Maggy Shino noted that the benefits from recent discoveries might take several years to materialise.

“It is an exercise that can take another three years to get to the development phase. Depending on the challenges of the environment you are in, it can take between five and 10 years. There are countries where it can take up to five years. There are also countries that have made discoveries and started development 15 years down the line, but they have not been able to complete the development stage,” she said.

Shino highlighted the importance of unity among Namibians to ensure that the policy drafting process protects the hard work invested in capitalising on and contributing to the economy through oil and gas.

Source: The Namibian Press Agency