Inflation rate rises to 24.6%
Malawi’s headline year on year inflation rate for July soared to 24.6 percent from 23.5 percent in June, triggering fears of continued escalation of cost of living and erosion of salary values in peoples’ pockets.
National Statistics Office (NSO) says during the month under review, food and non-food inflation rates were at 32.5 and 17.5 percent, respectively
The national month to month inflation rate for July 2022 stands at 0.9 percent, according to the National Statistics Office.
Food inflation rate is at 0.7 percent while non-food inflation rate is at 1.1. percent.
The recent Reserve Bank of Malawi’s Market Intelligence Report for the month of May, observed that the 25 percent devaluation of Kwacha and the subsequent hike of fuel prices would exert more pressure on the country’s inflation.
The report, therefore, observed that this may require that monetary policy be recalibrated to contain further deviations of inflation from the medium-term objectives.
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