Year-on-year inflation in Mozambique was 11.77 percent in July, the highest figure for the last four years and 10 months, the National Statistics Institute (INE) announced.
Year-on-year inflation in June had been 10.81 percent and rose 96 basis points in July (still at a slower pace than the 150 basis points from May to June), according to the new Consumer Price Index (CPI) bulletin.
You have to go back to August 2017 to find a higher figure: at the time inflation was 14.13%, in the wake of the shock caused by hidden debts.
The rise since the start of the year is in line with the global inflationary climate caused by the war in Ukraine and rising fuel prices.
The food, non-alcoholic beverages and transport divisions again contributed the most to the rise in prices in Mozambique.
The CPI figures are calculated by INE from the price variations of a basket of goods and services, with data collected in the cities of Maputo, Beira and Nampula.
In cumulative terms, since the start of the year, inflation in Mozambique is now at 7.10 percent.
Economy improves growth in second quarter
In terms of GDP growth, the Mozambican economy reached 4.37 percent in the first half of the year, INE announced in its latest national accounts bulletin.
The gross domestic product (GDP) growth rate was 4.14 percent in the first quarter of 2022 and then rose to 4.59 percent in the second quarter (from April to June), the document said.
The basis of comparison is made with the same periods in 2021 when the economy was most severely affected by the effects of the covid-19 pandemic.
The Mozambican economy grew by 2.16 percent in 2021 and for 2022 the government’s target is a 2.9 percent rise in GDP outlined in the Economic and Social Plan and State Budget approved by parliament.
Translated with www.DeepL.com/Translator (free version)
