Malawi’s year-on-year headline inflation rate for November 2021 has quickened by 1.3 percentage points to hit 11.1 percent, triggered by a rise in food and non-food inflation.
National Statistical Office (NSO) figures published yesterday show that during the same period last year, inflation rate was recorded at 7.3 percent. This means prices of goods and services during the period under review increased at a fast rate.
The figures show that food inflation went up to 12.8 percent, a rise from 11.8 percent the previous month while non-food inflation also rose to 9.5 percent in November from 7.8 percent the previous month.
NSO figures further show that the national month-to-month inflation rate for November 2021 stands at 3.3 percent compared to two percent in November 2020.
Reads the report in part: “The urban month-to-month inflation rate is at 3.2 percent. Urban food and non-food inflation rates stand at 4.2 and 2.5 percent respectively.
“The rural month-to-month inflation rate is at 3.4 percent. Rural food and non-food inflation rates stand at 4.8 and 1.5 percent respectively.”
In an interview yesterday, Consumers Association of Malawi executive director John Kapito said the rise in inflation rate is not surprising as food and non-food prices continue to rise.
“Recently, we witnessed the rise in the price of fuel which triggered a rise in the cost of living. The rise in inflation is expected to continue in the foreseeable future,” he said.
Earlier, economists and a money market analyst urged monetary authorities to ensure that they tame the continued rising inflation.
The Reserve Bank of Malawi had put this year’s average inflation rate at 9.1 percent and also revised upwards the 2021 and 2022 inflation rate projection due to rising fuel and maize prices and global supply chain disruptions.