Inflation falls down to 7.7%
BY GERALD NAMWAZA, The Daily Times
12:27:42 - 19 July 2007
YEAR on year national inflation rate for June has dropped to 7.7 per cent from 7.9 percent recorded in May, National Statistical Office (NSO) said Wednesday.
The statisticians also reported that rates for urban and rural areas stand at 10.0 per cent and 6.4 percent respectively.
Inflation measures the rate at which the general price of goods and services is increasing in the country and in Malawi food has a strong weight in the formula basket.
National food inflation now stands at 6.8 percent down from 17.5 percent in June last year on the back of bumper maize harvest which accounts for 58.1 percent weight in the Consumer Price Index(CPI).
The country has registered aback to back maize surplus, 2.6 million metric tonnes in 2006 and 1.3 million metric tonnes this year.
The inflation rate hit single digit levels for the first time in four years in January this year when it dropped from 10.1 per cent in December 2006 to 9.6.
In theory the falling rates would slow down the increase of goods on the markets and pave way for the Reserve Bank of Malawi to relax its monetary policy, a development that would lead to the reduction of the benchmark bank rate.
BY GERALD NAMWAZA, The Daily Times
12:27:42 - 19 July 2007
YEAR on year national inflation rate for June has dropped to 7.7 per cent from 7.9 percent recorded in May, National Statistical Office (NSO) said Wednesday.
The statisticians also reported that rates for urban and rural areas stand at 10.0 per cent and 6.4 percent respectively.
Inflation measures the rate at which the general price of goods and services is increasing in the country and in Malawi food has a strong weight in the formula basket.
National food inflation now stands at 6.8 percent down from 17.5 percent in June last year on the back of bumper maize harvest which accounts for 58.1 percent weight in the Consumer Price Index(CPI).
The country has registered aback to back maize surplus, 2.6 million metric tonnes in 2006 and 1.3 million metric tonnes this year.
The inflation rate hit single digit levels for the first time in four years in January this year when it dropped from 10.1 per cent in December 2006 to 9.6.
In theory the falling rates would slow down the increase of goods on the markets and pave way for the Reserve Bank of Malawi to relax its monetary policy, a development that would lead to the reduction of the benchmark bank rate.
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