Macroeconomic Forecast Namibia

According to data released by the Bank of Namibia (BoN), inflation fell to 6.3% y-o-y in January from 7.0% the previous month, its lowest level since March 2007. This move is consistent with our end-2010 target of 5.5%, as well as our average price growth forecast of 6.0%. Although the sequential rate of inflation actually increased in January to 1.5% m-o-m, we see this move as part of a seasonal pattern, with the overall momentum in prices is still being downward.

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