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Namibia’s annual CPI for Sep ’22 printed 7.1%, a slight deceleration from Aug ’22 at 7.3% as we believe inflation has peaked. Annual inflation for the year now averages 5.8%. The food and transport categories were again the primary drivers, altogether accounting for 63.3% of the inflation print. Monthly inflation slowed to 0.1% - the slowest m/m print since May ’22. The deceleration is due to slower m/m price increases for food and petrol.