Macroeconomic Forecast Namibia

Food and drink inflation came in at 16.5% y-o-y in April, having accelerated by 1.6% m-o-m. While global agricultural prices have started to come off their recent highs, a combination of low crop yields from recent harvests, depleted reserves and an outbreak of foot-and-mouth disease forcing the closure of a major abattoir are likely to increase food supply pressures. With the food and drink subsector having the largest weighting in the CPI basket, we expect price growth to continue to press higher during the remainder of the year, beyond the 9.3% y-o-y posted in April.

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