Mozambican inflation rate low in October: 0,31% – INE

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Mozambican inflation rate low in October: 0,31% – INE

8:14 CAT | 12 Nov 2019

Image: Folha de Maputo

Mozambique’s inflation rate remained low in October, with an average rise in prices of just 0.31 per cent, according to the latest figures issued by the National Statistics Institute (INE), based on the consumer price indices of the three largest cities (Maputo, Nampula and Beira).

As usual, most of the price increases in October were for food and drink. The main price rises in the month were for butter beans (4.6 per cent), groundnuts (4.2 per cent), tomatoes (3.2 per cent), and fresh fish (1.2 per cent).

A couple of non-food items also showed significant price rises – second hand cars (2.5 per cent) and private medical consultations (7.2 per cent).

Several items fell in price over the month – notably lettuce (down by 3.7 per cent) and charcoal (a fall of 0.6 per cent).

Inflation from January to the end of October was 1.59 per cent, and over the past year (1 November 2018 to 31 October 219), it was 2.25 per cent.

This is a triumph for the monetary policy followed by the Bank of Mozambique – two years ago, in 2017, inflation had seemed out of control. Annual inflation reached 21.57 per cent in March 2017, but his been falling steadily since then.

At the current pace, it is quite likely that inflation for all of 2019 will be lower than two per cent. Inflation in 2018 was 3.52 per cent.

Comparing the three cities the highest inflation in October was recorded in Nampula (0.66 per cent), followed by Beira (0.27 per cent), and finally Maputo (0.14 per cent).

Source: AIM