Mozambique’s March inflation at 6.67% y/y

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Mozambique’s March inflation at 6.67% y/y

3:20 CAT | 12 Apr 2022

File photo: Lusa

Inflation in Mozambique in March stood at 6.67% when compared to the same period in 2021. Data from the National Statistics Institute show that the city of Nampula led the upward trend in prices with a 7.96% rise, followed by Maputo with 6.63% and Beira with 5.00%.

The prices of the main products have been skyrocketing as a result of the war in Ukraine, but analyses by the National Institute of Statistics (INE) show, in its Consumer Price Index, that not only fuel prices have increased, but also those of various goods and services. In March this year, inflation stood at 0.70%, when compared to the same month in 2021.

“In relation to the monthly price variation by product, it is worth mentioning the increase in the prices of gasoline (5.8%), cooking oil (8.0%), onions (8.7%), diesel (7.2%), dried fish (2.8%), bottled butane gas (11.1%) and bar soap (4.2%). These contributed to the total monthly change with around 0.72pp positive,” the INE Consumer Price Index report reads.

The document highlights that some products, especially tomatoes, coconuts, motorcycles, lettuce, peanuts, charcoal and cucumbers countered the upward trend, contributing with around 0.19 negative percentage points.

Analysing year-on-year inflation, the Consumer Price Index reveals that, with the rise in the cost of living by 6.67%, the sectors of Transports, of Restaurants, Hotels, Cafes and Similar and of Food and Non-alcoholic Beverages as those registering the greater price variation with around 10.04%, 8.45% and 7.80% rises per category, respectively.

First quarter data

During the first quarter of the current year, the country registered inflation of 3.34%. Food and non-alcoholic beverages and transport were the most prominent sectors, contributing around 1.80 and 0.90 positive percentage points respectively to the total accumulated variation.

“It is important to highlight the increase in the prices of tomatoes, gasoline, semi-collective urban and suburban passenger transport, cooking oil, second-hand light vehicles, onions and fresh fish. These contributed with about 2.09 positive percentage points in the total accumulated variation.”

Still regarding the accumulated variation, the city of Beira had the biggest increase in the general level of prices, with around 5.44%, followed by Nampula with 3.02% and Maputo with 2.78%.

Source: Lusa