Headline inflation rose from 7.1% in September, to7.5% in October, representing a 0.4% increment.
According to figures from the National Statistical Office (NSO), the national month-to-month inflation rate for October 2020 stands at 2.5 percent compared to 1.3% registered in September, 2020. Also according to the report, the 7.5% inflation rate is 21.8% lower than the 9.6% inflation rate recorded during the same time last year.
Meanwhile, the Reserve Bank of Malawi (RBM) has maintained the five percent mid-term inflation target, saying there is no need to press the panic button. Central bank Governor, Wilson Banda, said this recently on the sidelines of the Institute of Chartered Accountants conference in Mangochi. “The medium term projection of inflation is five percent. We are coming 11% earlier in the year and 12% late last year.” said Banda, “We are now heading towards that five percent. Definitely, everything being equal, if we have resumption of normal economic activity; yes, we should see inflation coming to five percent,”.