Now Reading
INE: May Inflation Down at Around 3%

INE: May Inflation Down at Around 3%

Mozambique saw a drop in inflation last May, when it stood at 3%. According to the National Statistics Institute (INE), in January, February, March and April, inflation stood at 4.19%, 4%, 3.03% and 3.26% respectively.

‘In the period under review, the divisions of education, catering, hotels, cafés and similar and food and non-alcoholic beverages were the ones with the biggest price rises, varying by 10.57 per cent, 5.06 per cent and 4.91 per cent, respectively,’ described INE in the Consumer Price Index (CPI) report.

The document also revealed that the country saw a fall in prices of 0.38% in May, compared to the 0.37% rise seen in April.

Previous data published by the INE showed that the country ended 2023 with 12-month year-on-year inflation of 5.30 per cent and a one-year average of 7.1 per cent, when the government’s official forecast was 7 per cent.

The Executive announced last February that the country would see economic growth of 5 per cent in 2023 compared to 4.4 per cent in 2022, highlighting an ‘economic expansion’ that exceeded the regional average of the Southern African Development Community (SADC).

‘Economic growth for 2023 reached 5 per cent, compared to 4.4 per cent in 2022, driven by Extractive Industries, Tourism, Agriculture, Transport and Communications, among others,’ said Ludovina Bernardo, spokesperson for the Executive, according to whom the growth was also the result of policies and reforms implemented during the year, especially the economic reforms adopted to make private sector activities ‘more dynamic’ and to attract investment.

“In this context, there was a positive trend in average inflation, which registered 7.1 per cent against an initial forecast of 11.5 per cent. Net International Reserves were above the three months forecast in the Economic and Social Plan and State Budget and reached the 4.3 months mark for covering imports of non-factorial goods and services, translating into greater credibility and greater capacity to absorb shocks to the balance of payments,’ he added.


See Also


Scroll To Top

We have detected that you are using AdBlock Plus or other adblocking software which is causing you to not be able to view 360 Mozambique in its entirety.

Please add to your adblocker’s whitelist or disable it by refreshing afterwards so you can view the site.