This paper investigates the key drivers of inflation in Namibia using annual data from 1972 to 1998. The analysis identifies monetary, structural, and cost-related factors that significantly influence the country's general price levels. Key determinants include money supply, real GDP, aggregate demand, domestic production costs, utility costs, and South African consumer and producer price indices. The findings reveal strong evidence of imported inflation and highlight the importance of both domestic and external cost pressures. The study concludes that inflation in Namibia is shaped by a mix of monetary and structural dynamics and recommends strategies such as promoting import substitution and enhancing labour productivity to address these inflationary forces.