Mozambique: Annual consumer price inflation slows to 3% in March

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Mozambique: Annual consumer price inflation slows to 3% in March

12:18 CAT | 12 Apr 2024

FILE - For illustration purposes only. [File photo: Capital markets in Africa]

Mozambique recorded year-on-year inflation of 3% in March, compared to the same month in 2023, a new consecutive monthly drop, according to data released today by the National Statistics Institute (INE).

INE’s data on the Consumer Price Index (CPI) indicates that Mozambique “registered an increase in the general price level of around 3.03%” over 12 months, compared to March 2023, and that the divisions of Education, Restaurants, hotels, cafés and similar, and Food and non-alcoholic beverages “were the ones with the highest price increases, varying by 10.39%, 5.93% and 4.94%, respectively”.

Year-on-year inflation in February (12 months) was 4%, in January 4.19% and in December 5.3%.

The CPI report adds that the country saw prices rise by 0.03% in the space of a month, compared to 0.47% in February, 0.93% in January and 1.29% in December.

“The clothing and footwear division stood out, contributing around 0.04 percentage points to the total monthly change [in March],” it reads.

Mozambique closed the year 2023 with 12-month inflation of 5.30% and a one-year average of 7.1%, according to previous INE data, when the official government forecast was 7%.

The Mozambican government announced on 13 February that the country would see economic growth of 5% in 2023 compared to 4.4% in 2022, highlighting an “economic expansion” that exceeded the regional average of the South African Development Community (SADC).

Source: Lusa