Inflation cools for third straight month but cost of living rises 2.9% in Mozambique – A Verdade

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Inflation cools for third straight month but cost of living rises 2.9% in Mozambique – A Verdade

7:31 CAT | 14 Aug 2024

File photo: Lusa

Inflation has slowed again in Mozambique, but, compared to July of last year, the cost of living increased by 2.97%, with an emphasis on the Education and Food and Non-alcoholic Beverages divisions, according to the National Statistics Institute (INE).

The Consumer Price Index (IPC), released by the INE this Monday (12-08), indicates that, maintaining the trend of May and June, the country in July “recorded a fall in prices of around 0.05%. The Food and Non-alcoholic Beverages division stood out, contributing to the total monthly variation with around 0.11 negative percentage points”.

“Analysing the monthly variation by product, it is worth highlighting the fall in the prices of tomatoes (7.6%), onions (7.1%), cabbage (8.3%), lettuce (9.5%), butter beans (1.2%), horse mackerel (0.7%) and taps, pipes, valves, joints, bends and similar items (7.0%). These contributed approximately 0.23 negative percentage points to the total monthly variation”, details the INE, which indicates that they have countered “the trend of falling prices, by contributing approximately 0.14 positive percentage points to the total monthly variation”, the price increases of “corn grain (15.6%), fresh fish (2.5%), ham, cheese and egg sandwiches (1.7%), garlic (10.8%), rice grain (0.5%), chicken cut into pieces (1.3%) and beds (1.8%)”.

However, this slowdown in inflation does not restore Mozambicans’ purchasing power, since the Consumer Price Index (CPI) for the month of July, “when compared to the same period in 2023, indicates that the country registered an increase in the general price level of around 2.97%. The Education and Food and Non-alcoholic Beverages divisions saw the biggest price increase, varying by around 10.52% and 5.64%, respectively”.

Source: A Verdade