Mozambique's annual inflation rate fell from 12.01 per cent in September to 11.83 per cent in October, according to the latest figures issued by the National Statistics Institute (INE).

October is the first month for which the INE has used the consumer price indices, not only for the three largest cities (Maputo, Nampula and Beira) but also for four other cities (Quelimane, Tete, Chimoio and Xai-Xai) and Inhambane province.

Taking all the data collection centres into account, inflation in October was 0.19 per cent. Inflation in the first ten months of the year was 8.8 per cent, and annual inflation (1 November 2021 to 31 October 2022) was 11.83 per cent.

The most significant price rises in October included maize (8.5 per cent), lemons (27.5 per cent), and bread (0.6 per cent). These were offset to some extent by the fall in prices of some goods - for example, the average price of fresh prawns fell by 2.7 per cent. Other significant price reductions were for tomatoes (1.8 per cent), soap (1.5 per cent), cooking oil (0.8 per cent), and butter beans (0.6 per cent).

Broken down by data collection centres, the highest price rises in the first ten months of the year were in Inhambane (11.97 per cent), Quelimane (10.78 per cent), and Beira (9.64 per cent).

The annual inflation rate may have peaked. It reached 12.1 per cent in August, before falling back to 12.01 per cent in September, and 11.83 per cent in October.

The highest annual inflation rate in recent years was 21.57 per cent reached in March 2017.