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Inflation in Nov ‘25 slowed to 3.4% with Food & Non-Alcoholic Beverages as well as Alcoholic Beverages & Tobacco recording their lowest annual inflation of the year. Housing & Utilities repeats last month as the main driver of inflation after the quarterly rent price capturing. Transport inflation cooled slightly to 2.0%, now comfortably outside of deflationary territory. Inflation in all three zones continued to ease from the higher levels seen at the beginning of the year. On a m/m basis, deflation is observed in northern regions (-0.1%); 0.1% inflaiton for Khomas and flat for the southern zone.