Maputo, Sept. 12, 2024 (Lusa) - Mozambique recorded an annual rate of consumer price inflation of 2.75% in August, even as prices fell for a fourth consecutive month, by 0.11%, according to data released on Thursday by the National Statistics Institute (INE).

The INE said that its Consumer Price Index (CPI) - which is based on data collected in eight different cities - in August "recorded a rise in the general price level of around 2.75%" or slightly below the 2.97% rate reported for July. It said that the education and food and non-alcoholic beverages categories showed the "biggest rise" - up 6.18% and 5.28% on a year ealier.

Previously, the annual inflation rate had been 3.04% in June, 3.07% in May, 3.26% in April, 3.03% in March, 4% in February, 4.19% in January and 5.3% in December.

August saw the fourth consecutive month-on-month drop in the CPI, with "a fall in prices of around 0.11%". In July, the CPI had fallen by 0.05% and in May by 0.21%.

"The food and non-alcoholic beverages division stood out, contributing around 0.11 percentage points to the total monthly variation," the report also points out.

Mozambique ended 2023 with inflation of 7.1%, according to previous INE figures, while the official government forecast was 7%.

The Mozambican government announced in February that the country would see economic growth of 5% in 2023, compared to 4.4% in 2022, highlighting an "economic expansion" that exceeded the regional average of the Southern African Development Community (SADC).

PVJ/ARO // ARO.

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