WINDHOEK, July 12 (Xinhua) -- Namibia's annual inflation rate slowed to 4 percent in June from 6.1 percent registered in June, 2017, according to statistics released on Thursday.
The slowdown in the annual inflation rate resulted from declining in the price levels of clothing and footwear, housing, water, electricity, gas and other fuels, communication, hotels, furnishings, household equipment and routine maintenance of the houses, said the country's statistic agency, NSA.
"The 12-month average annual and average monthly inflation rate for the period July 2017 to June 2018 stood at 4.5 percent and 0.3 percent respectively, while the calendar year average from January 2018 to June 2018 was estimated at 3.7 percent and 0.5 percent," NSA Statistician-General, Alex Shimuafeni added.
According to Shimuafeni, during the month of June, the major drivers of annual inflation rate were observed in the groups of education, transport, health and alcoholic beverages and tobacco.
"On a monthly basis, the inflation rate decreased to 0.2 percent compared to 0.4 percent recorded during the previous month," he added.
Meanwhile, analysts at research firm, Simonis Storm Securities said that Namibia remains entangled in risky dynamics which include but not limited to a high unemployment, a twin deficit, low tax revenue collection and highly indebted consumers.
The analysts expect inflation to average 4.1 percent in 2018 and increase moderately for the remaining five months as fuel prices uptick.