Inflation rate eases to33.5%, food prices down
Malawi’s year-on-year headline inflation rate for February 2024 eased by 1.5 percentage points to 33.5 percent due to a drop in food prices despite non-food prices slightly increasing, National Statistical Office (NSO) figures show.
This means that prices of goods and services in the month under review increased at a decreasing pace.
NSO further said food inflation dropped to 42 percent in February from 44.9 percent the previous month while non-food inflation slightly increased by 0.1 percentage points from 22 percent in January to 22.1 percent in February.
“The national month-to-month inflation rate for February 2024 stands at 2.2 percent. Food inflation rate is at 2.4 percent while non-food inflation rate is at 1.8 percent,” reads the NSO statement.
On the other hand, the rural month-to-month inflation rate is at 2.1 percent while rural food and non-food inflation rates stand at 2.4 percent and 1.7 percent, respectively, according to NSO.
Consumers Association of Malawi executive director John Kapito said in an interview, the drop in inflation is insignificant to have an impact on prices of goods and services.
“Despite the drop in inflation, prices of goods and services are still high in Malawi and consumers are feeling the pinch,” he said.
The Reserve Bank of Malawi (RBM) earlier conceded that inflation outlook indicates elevated inflationary pressures, with the inflation path likely to be more than the 28.8 percent inflation outturn for 2023.
