Inflation in Mozambique stood at 3.23% in 2025, according to data released by the National Institute of Statistics (INE), a figure that is less than half of the Government’s official estimate, which had projected a rate of around 7%.
According to Lusa, the result confirms a disinflationary trajectory that began in 2023 and was consolidated in 2024, a year in which accumulated inflation reached 4.15%, following 5.3% in 2023 and the peak of nearly 13% recorded in July 2022.
The Consumer Price Index (CPI) for December 2025 shows a monthly increase of 0.49% compared to November, with the food and non-alcoholic beverages sector contributing 0.43 percentage points to this variation.
Throughout 2025, inflation was mainly driven by price increases in the food and non-alcoholic beverages category, as well as in restaurants, hotels, cafés and similar services, which contributed 1.87 and 0.70 percentage points, respectively, to the annual variation.
Accumulated data point to significant price increases in dried fish, full meals in restaurants, wheat bread, mackerel, tomatoes, fruit juices and grain rice, which together accounted for an impact of 1.91 percentage points on the annual inflation rate.
Despite the overall upward trend in prices, the country recorded eight months of deflation within a period of less than 18 months, four of them consecutive between April and July 2024, before inflation resumed its upward path from August onwards.
For 2026, the Government maintains an inflation forecast similar to that of the previous year, also around 7%.
In the final months of 2025, Mozambique’s economy showed mixed signals, with particular emphasis on growing optimism among businesses, supported by three consecutive months of improvement in business activity. According to the Standard Bank PMI index, December saw an increase in new orders and hiring levels in the private sector.
At the same time, the Bank of Mozambique forecasts a gradual recovery in economic activity in 2026, supported by large-scale projects linked to natural gas and mining, and anticipates that inflation will remain in single-digit levels, despite persistent structural challenges.
