Malawi inflation balloons to 26.7%

The country’s headline inflation continues to rise as it now sits at 26.7%, according to October figures, pushing the cost of living much further up.

National Statistical Office says at 26.7%, the rate has risen by 0.8% points from 25.9% in September.

This is as a result of the growing inflation pressure which has kept the cost of living skyrocketing since September last year.

Food and Non-Food Inflation rates are at 34.5% and 18.6% respectively –with the former, being the main driver of the climbing inflation rate.

Rising prices of oil, fertilizer and wheat contributed in setting the pace of inflation trend since the onset of the Ukraine war induced global supply chain disruptions.

Meanwhile, the Reserve Bank of Malawi (RBM) is projecting annual inflation to average 21.5%.

Consumers Association of Malawi (CAMA’s) Executive Director John Kapito has since warned shoppers of the worsening situation ahead.