MOZAMBIQUE RECORDS 1.27 PCT INFLATION IN AUGUST

The monthly inflation rate in Mozambique rose to 1.27 per cent in August, according to the latest data from the National Statistics Institute (INE), based on the consumer price indices for the three largest cities — Maputo, Nampula and Beira.

The rate compares with inflation 0.9 per cent in July and 0.76 per cent in June. The cumulative inflation rate from January to August stands at 11.68 per cent, while the annual rate for September 2015 to August 2016 is 21.96 per cent.

As usual, the monthly inflation was caused overwhelmingly by increases in food prices, because of the weighting given to food and drink in the basket of goods and services from which the Consumer Price Index (CPI) is calculated.

In August, the price of cooking oil rose by 10.3 per cent (after a rise of 7.0 per cent in July), while the price of staple food rice rose by 3.6 per cent, and of fresh or frozen fish by 2.7 per cent.

There were also some significant increases for non-food items as the price of soap went up by 10.3 per cent, new cars by 8.4 per cent, and second hand cars by 9.3 per cent.

There were slight declines in the prices of tomatoes, onions and cowpeas. Taken together, they fell in price by 0.63 per cent.

Of the three cities covered by the survey, inflation was highest in Maputo at 1.75 per cent in August while prices went up by 0.94 per cent in Nampula and by 0.52 per cent in Beira.

Source: NAM NEWS NETWORK