FNB Namibia Anticipates Inflation Drop to 4.4%

FNB Namibia Anticipates Inflation Drop to 4.4%

FNB Namibia forecasts a decrease in headline inflation from 4.6% in June this year to 4.4% last month. This decline is mainly due to reduced transport inflation, linked to eased costs in personal transport and vehicle purchases. The drop is supported by recent global oil price stabilization and the Mines and Energy ministry's July fuel price cuts. Helena Mboti, an Economist at FNB Namibia.

August 2, 2024 54

Africa

Nigeria police fire tear gas on hardship protests

By Laurie Churchman Nigerian police fired tear gas on Thursday to break up several hundred protesters in the northern city of Kano and in the capital Abuja where demonstrators had joined in nationwide rallies against the high cost of living. Africa's most populous country is struggling with soaring inflation and a sharply devalued naira after President Bola Ahmed Tinubu ended a costly fuel subsidy and liberalised the […]

August 1, 2024 35

Africa

Nigeria under cost of living pressure: 8 essential reads on rising tensions

By Adejuwon Soyinka, The Conversation In recent times, Nigeria, Africa’s largest democracy, has been under intense pressure. Assailed by rising inflation, food insecurity and the rising cost of fuel and energy, Nigerians have had to endure diminished purchasing power, hunger and youth unrest. These factors have led to agitations by various segments of society, including demands for higher wages by government workers. At The […]

August 1, 2024 19

Namibia

Malnutrition affects 14,000 in Kavango East

The Kavango East Region has recorded 15 deaths due to malnutrition this year, with around 14,000 people affected. Last year, the region saw an increase in malnutrition cases with 2,716 affected and 30 deaths. HIV patients and pregnant women are among the affected groups. Governor of the Kavango East Region, Bonifatius Wakudumo. According to the Integrated Food Security Phase Classification, between September and December 2022, around 367,000 people, […]

July 30, 2024 63

Business / Economics

Profits fall at McDonald’s as it redoubles value push

McDonald's reported a drop in profits Monday behind broad-based sales declines as the fast food giant redoubles efforts to win over inflation-weary consumers. All three of the chain's operating regions experienced comparable sales decline, a significant weakening next to the year-ago results when global comparable sales jumped nearly nine percent. Profits for the quarter ending June 30 were $2.0 billion, down 12 percent. Revenues were essentially flat […]

July 29, 2024 9

Africa

Nigeria’s planned protests: What we know

By Laurie Churchman with Aminu Abubakar in Kano Politicians and the army have warned people against taking to the streets, but organisers say government failings have left them little choice. Both sides have made comparisons with recent protests in Kenya that forced the government to withdraw new taxes, but it is not clear what shape the rallies could take in Nigeria. With demonstrations set to start on […]

July 29, 2024 18

Business / Economics

Egypt raises fuel prices as part of IMF-backed reforms

Egypt announced Thursday a 15-percent increase in petrol prices, part of a reform package requested by the International Monetary Fund to proceed with a $5 billion loan to the cash-strapped government. The Egyptian petroleum ministry said the price hike would come into effect on Friday. The announcement comes ahead of an IMF meeting on Monday to review the April payout package, unlocking $820 million in funds after […]

July 25, 2024 10

Opinion Pieces

Understanding Preservation Funds

A preservation fund is a savings vehicle into which you can transfer your retirement savings, from a retirement fund (pension or provident fund), with the aim of preserving funds for your financial well-being in retirement. This vehicle is primarily used when people resign or change jobs, which then becomes a tax-free transfer from your existing retirement fund into a preservation fund of your choice. Preservation can either be […]

July 22, 2024 7

Namibia

June Commodity Prices Surge Across Namibia

In June, the Namibia Statistics Agency reported significant price increases for basic commodities. Transport costs rose by 8.3%, coffee, tea, and cocoa by 14.4%, and fruit 13.4%. Other notable hikes included sugar and confectionery at 10.1%, and both mineral water and vegetables at 5.5%. Windhoek residents are paying more for pure sunflower oil compared to other regions, with Khomas region residents paying N$31.32 for 750ml, while other regions paid between […]

July 10, 2024 19