The headline inflation rate for October 2022 in Malawi has hit 26.7 percent, reflecting a rise in prices of commodities under the Lazarus Chakwera administration.
Reports indicate that 26.7 percent is the highest rate since 2013 when former president Joyce Banda was in power.
According to the National Statistical Office (NSO), Food and Non-Food Inflation rates are at 34.5 and 18.6 percent, respectively.
“The national month to month Inflation rate for October 2022 stands at 4.0 percent. Food inflation rate is at 6.3 percent while Non-Food Inflation rate is at 1.4 percent.
“The urban month to month inflation rate is at 3.1 percent. Urban Food and Non-Food inflation rates stand at 5.8 and 0.7 percent, respectively.
“The rural month to month inflation rate is at 4.5 percent. Rural Food and Non-food inflation rates stand at 6.5 and 1.8 percent, respectively,” the NSO has said in a statement today.
The year on year inflation rate has increased from 25.9 percent in September this year. In October, 2021 the rate was around 10 percent.
According to Investopedia, headline inflation is not adjusted to remove highly volatile figures, including those that can shift regardless of economic conditions. Headline inflation is also closely related to shifts in the cost of living.
Over the past 12 months, prices of goods such as fuel, maize, fertilizer have risen under the Chakwera administration.