The annual inflation rate for November in Namibia stood at 5% compared to 4.9% in October and 3.6% in November last year. For November 2004, the monthly inflation rate was estimated at 0.7%, an increase of 0.2 percentage points from October 2004, when the rate of inflation was 0.5%.
The increase in the inflation rate was attributed to the increases in the cost of transport and communications, beverages and tobacco, clothing and footwear, housing, fuel and power and household goods and services. The Central Statistics Bureau said this week that for the period January to November 2004, the average annual and average monthly inflation rates stood at 3.7% and 0.5% respectively.
Bank of Namibia governor Tom Alweendo said last week that the rise in world oil prices that was seen as a potential risk that could dent the global economic outlook and increase inflationary pressures seems to have subsided since October. US light crude fell to US$46.8 a barrel, while Brent crude fell to US$40.3 in November. In London, Brent Crude was at US$42.7 a barrel in November.