Malawi’ economy has taken a backward turn and is in a reverse gear says the head of Consumer Association of Malawi (Cama) John Kapito.
Kapito made a diagnostic analysis of Malawi economy in the press following reports that inflation is rising with continue commodity price hikes making life unbearable.
The consumer watchdog director said the rise in inflation has left many Malawians poor than before.
“Honestly speaking, the economy is in reverse gear,” said Kapito as quoted in the press.
Kapito said many Malawians can no longer afford the basic necessities they could afford some two years ago.
He said the problem is that with the extremely high inflation figures is that no investor can invest in the country as they know that there will be no buyers.
But ruling People’s Party deputy spokesman Ken Msonda questioned Kapito’s his ability to make critical economic analysis.
National Statistical Office (NSO) in Zomba has announced that the country’s inflation jumped 2.4 percentage points from 23.5 in December to 25.9 percent in January.
The January inflation is 0.3 percentage points higher than the 25.6 percent that the Monetary Policy Committee (MPC) predicted that the country’s inflation will hit in February.