7 March 2014

Mozambique: Low Inflation Rate in February

Maputo — The rate of inflation in Mozambique in February, as measured by the consumer price indices for the three largest cities (Maputo, Nampula and Beira), was 0.39 per cent, the National Statistics Institute (INE) announced on Friday.

This is a decline on the January inflation rate which was 0.98 percent, and it is a much lower rate than in February 2013, when prices rose by 1.16 per cent.

Most of the significant February price rises were for foodstuffs. The rises which had most impact on the consumer price index were for tomatoes (15.4 per cent), cabbage (12.4 per cent), lettuce (14.2 per cent), and coconuts (2.7 per cent). Between them these four products pushed the overall level of prices up by 0.47 per cent. Tomatoes alone were responsible for pushing the consumer price index up by 0.32 per cent.

On the other hand, several key foods fell in price - the price of cassava flour declined by 6.7 per cent, while potatoes and onions were 4.4 per cent and 1.5 per cent cheaper respectively.

The accumulated inflation so far this year is 1.37 per cent. At the same time in 2013, it was 2.52 per cent.

Comparing prices this February with prices in February 2013, the increase has been 2.38 per cent.

The average 12 monthly inflation rate over the past year was 4.14 per cent - down from 4.29 per cent in January.

There were significant differences in the inflation rate between the three cities. Maputo saw the sharpest price rises in February, of 0.66 per cent, while in Beira and Nampula price rises were minimal. In Nampula the consumer price index rose by 0.13 per cent, and in Beira by 0.11 per cent.

But when the entire past year is taken into consideration, Nampula had the highest inflation rate of the three cities, at 3.43 per cent, followed by Maputo with 2.26 per cent. In Beira, however, prices only rose by 0.63 per cent.

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