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Mozambique’s 12-Month Inflation Down 4% in February

Mozambique’s 12-Month Inflation Down 4% in February

The National Statistics Institute (INE) revealed that Mozambique recorded year-on-year inflation of 4% in February, a new consecutive monthly drop, since inflation stood at 4.19% in January.

“The Education and Food and Non-Alcoholic Beverages divisions were the ones with the biggest price rises, varying by 8.61 per cent and 6.89 per cent respectively,” INE said in its Consumer Price Index (CPI) report.

The organisation added that the country saw prices rise by around 0.47% in the space of a month, compared to 0.93% in January and 1.29% in December.

Recently, the government announced 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 South 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 her, the growth was the result of policies and reforms implemented during the year, especially the economic reforms adopted to make economic activities in the private sector “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.


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