June inflation rate rises to 33.3%—NSO

Malawi’s year-on-year headline inflation rate for June 2024 has increased by 0.6 percentage points to 33.3 percent due to a rise in food prices, published National Statistical Office (NSO) data shows.

The report shows that during the month under review, food and non-food inflation rates were recorded at 41.5 percent and 22.2 percent, respectively.

In the previous month, food and non-food inflation rates were recorded at 40.7 percent and 22.1 percent, respectively.

During the first Monetary Policy Committee Technical Meeting in February this year, the Reserve Bank of Malawi projected that inflation will start to drop by mid this year, while the mid-term forecast remained in single digit inflation by 2026.

Meanwhile, Consumers Association of Malawi executive director John Kapito has projected tough times ahead.