Mozambique: Inflation rises to 5.76% y/y, highest level since November 2017

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Mozambique: Inflation rises to 5.76% y/y, highest level since November 2017

3:19 CAT | 19 Apr 2021

File photo: Lusa

The annual inflation rate in Mozambique rose for the seventh straight month to 5.76% in March of 2021, its highest level since November 2017. On a monthly basis, inflation eased to 0.86%, following an increase of 1.34% in the previous month.

Year-on-year inflation – the change in consumer prices compared to the same month last year – rose 66 basis points from 5.10% to 5.76% in March, the highest monthly increase in the last three years.

According to the National Statistics Institute (INE), one must go back to November, 2017, to find a higher annual inflation rate, which at the time stood at 7.15%.

The current trend of increasing annual inflation has been apparent since August 2020, when it stood at 2.75%, according to the values of the Consumer Price Index (CPI) of Mozambique.

In the same vein, the average 12-month inflation in Mozambique has been rising since March 2020, reaching 3.55% in March.

Food and non-alcoholic beverages

In monthly terms, March registered inflation of 0.86% over February’s 1.34%, with on price increases in food and non-alcoholic beverages leading the way.

The accumulated inflation in the first three months of 2021 is 3.42%.

The city of Nampula, in the north of the country, led the trend of increases in the general price level in March, followed by Beira (centre) and Maputo (capital, south).

The Consumer Price Index is calculated by the INE from the price of a basket of goods and services, with data collected in the cities of Maputo, Beira and Nampula.

Source: Deutsche Welle