The annual inflation rate measured monthly, was 7.1% higher in October 2022 than in October 2021 when it stood at 3.6%.

Namibia's overall inflation for 2022 is now projected to average 6.1 percent, up from 5.8 percent initially projected, Governor of Bank of Namibia, the central bank, Johannes Gawaxab said Wednesday.

The central bank’s Monetary Policy Committee (MPC) decided to raise the repo rate by 75 basis points from 4.75 to 5.50%.

Fitch Ratings has downgraded Namibia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Stable.