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Cooking oil prices continue to rise

2022-05-13  Maihapa Ndjavera

Cooking oil prices continue to rise

Consumers still feel the pinch of increasing domestic prices from different categories. In April 2022, prices for oils and fats rose by 23.4%, compared to 7.5% recorded during the same time a year earlier. 

The increase was reflected mainly in the price levels of cooking oil that escalated (from 13.9% to 35.3%), cooking fats (from 6.2% to 27.4%) and margarine & margarine spreads (from -1.3% to 12.1%).

Announcing the Namibia consumer price index bulletin for April 2022 yesterday, Namibia Statistics Agency (NSA) CEO Alex Shimuafeni said for the month under review, the annual inflation rate increased by 5.6%, compared to 3.9% recorded in April 2021. This was the highest annual percentage change above 5% recorded since December 2018. 

On a monthly basis, the inflation rate increased by 1.4%, compared to 0.5% recorded a month earlier. 

“Transport, food and non-alcoholic beverages continued to be the main drivers of the annual inflation rate, contributing 2.7 percentage points and 1.1 percentage points, respectively,” Shimuafeni added.

The inflation rate is vital for purposes of economic policymaking, especially the conduct of monetary policy, and to consumers in general.

The annual inflation rate for the transport category, which accounts for 14.3% of the consumer basket, continues to be the main driver of overall inflation, increasing by 18.9% in April 2022, compared to 7.5% registered in April 2021. 

Shimuafeni said the increases in the transport component were reflected in the price levels of the operation of personal transport equipment, which increased by 27.3%, and public transport that increased by 9.8%. 

The transport monthly inflation rate increased by 5.7% in April 2022, compared to 2.6% recorded in March 2022, registering an increase of 3.1 percentage points.

The report added that the operation of personal transport equipment increased by 27.3% in April 2022, compared to 8.1% recorded in April 2021. The increase resulted mainly from price increases witnessed in petrol/diesel, which recorded a remarkable increase of 47.7% in April 2022, compared to 10.3% registered during the same period last year.

2022-05-13  Maihapa Ndjavera

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