Access Request:

Headline inflation accelerated to 4.4% in Jun ’26, 0.1% higher than the Bank of Namibia’s Jun forecast. Transport led the move, up 12.9% y/y on higher fuel and passenger fares, while food & NABs stayed subdued at 2.5%. Housing and utilities held at 4.4% as electricity, gas and other fuels eased and core inflation remained contained at 3.3%. The major trend behind inflation relates to the Middle-Eastern conflict and rising oil prices, as we enter the second half of the year the lag effect is likely to become visible. The Bank of Namibia’s forecasts headline inflation to average 4.0% in ’26 and 3.6% in ’27.