Macroeconomic Forecast Namibia

We continue to see average consumer price inflation of 6.0% y-o-y in 2010, down considerably from the 9.0% figure recorded in 2009. Although y-o-y inflation actually accelerated from 6.7% in November to 7.0% in December, the m-o-m price index fell by 0.1%, suggesting that the overall trend in price growth is still downward. Despite our expectations of a moderate increase in consumption pressures and key commodity prices (from current levels), we think the high base observed in much of H109 is likely to keep price growth in the targeted range of 5.0%-6.0%.

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