Inflation Namibia 2023
Average inflation: 5.9%
Current Inflation
Inflation is very high at 5.9%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 7.2%. The lowest inflation was in July at 4.5%.
- Highest month
- February: 7.2%
- Lowest month
- July: 4.5%
- Difference
- 2.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 11.4%. The lowest price increase was in Energy with an average of 2.9%.
- Highest increase
- Food: 11.4%
- Lowest increase
- Energy: 2.9%
Historical Context
Current inflation is 1.6% higher than the 5-year average of 4.3%. This approaches the highest level since records began (6.1% in 2022).
- 5-year average
- 4.3%
- 10-year average
- 4.3%
- All-time high (2022)
- 6.1%
- All-time low (2020)
- 2.2%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -0.2 percentage point.
- Change vs. previous year
- -0.2 percentage points
- Largest monthly swing
- February: +2.7 percentage points
ECB Target
Inflation is 3.9% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €105.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 7.0% | +2.4 |
| February | 7.2% | +2.7 |
| March | 7.2% | +2.7 |
| April | 6.1% | +0.5 |
| May | 6.3% | +0.9 |
| June | 5.3% | -0.7 |
| July | 4.5% | -2.3 |
| August | 4.7% | -2.6 |
| September | 5.4% | -1.7 |
| October | 6.0% | -1.1 |
| November | 5.7% | -1.3 |
| December | 5.3% | -1.6 |
| Average | 5.9% |
Data source
Data from WorldBank. Last updated: 06/01/2026.