Rise in food prices has pushed Malawi’s year on year inflation to 29.2 percent in May, the highest in 10 years, according to figures from the National Statistical Office.
Reserve Bank Governor, Wilson Banda failing to tame inflation
This, according to the NSO stats, is a 0.4 percentage point increase from 28.8 percent registered in the previous month.
The increase has been explained by a 0.9 percentage point rise in food inflation rate up from 37.9 percent in April to 38.8 percent in May.
Non-food inflation rate however declined by 0.1 percentage point from 18.5 percent in April to 18.4 percent in May.
Malawi’s annual rate of inflation has been rising steadily for the past year owing to the rise in commodity prices especially food prices.
Overall inflation has risen without interruption from 7.6 percent recorded in August 2020 to the current 29.2 percent.
