Inflation rate goes up to 12.1%

The country’s inflation rate has gone up to 12.1 %, according to statistics released by the National Stastical Office.

The National Statistical Office says in Consumer Price Index (CPI) report that the inflation rate has moved from 11.5% in December 2021.

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This is the first time in many years that the rate has been reported above the economy’s policy benchmark which currently sits at 12 %.

According to the CPI, food and non-food Inflation rates are at 14.2% and 9.6 % respectively.

The Reserve Bank of Malawi insists the rising inflation is transitory and would ease shortly.

However, the Economics Association of Malawi has cautioned that the bank will still be forced to raise the policy rate if the upswing persists.

During the same month in 2021, the headline inflation was a single digit 7.8%, but took a turn on an upward trajectory.

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