Malawi inflation slows to 7.8%

Malawis headline inflation slowed to 7.8 percent year-on-year in August from 8.0 percent in July due partly to weaker food price pressures, the National Statistical Office (NSO) said on Wednesday.

Food inflation has continued its downward trend. Non-food inflation has also largely maintained its descent, the NSO said in a statement.

Inflation in the southern African nation has been easing since hitting a two year peak of 10.1 percent year-on-year in January this year.

Last month Finance Minister Ken Kandodo said monetary policy should continue to focus on reducing inflation, which he said was likely to be 9 percent or lower in the coming 12 months due to stable food prices.

Food inflation, heavily dictated by changes in the price of maize the staple food in Malawi accounts for about 58 percent of the countrys consumer price index.

New central bank Governor Perks Ligoya, named to the post this week, promised to ensure stability in Malawis monetary policy.

Nyasa Times

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