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(NYASATIMES MALAWI) Malawi inflation up on food price growth

Malawi inflation up on food price growth
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Emelyn Nyoni 18 November, 2008 06:07:00

Malawi's inflation accelerated to 9.4 percent year-on-year in October from 9.3 percent in September, largely due to rising food prices, the National Statistical Office (NSO) has said.

“The increase in the inflation rate from 9.3 percent in September 2008 to 9.4 percent in October 2008 is attributed to the increase in the cost of food,” NSO said.

“Food inflation rose to 7.4 percent in October from 7.3 percent in September.”

Food accounts for 58.1 percent of Malawi's consumer price index.

Non-food inflation rose by 0.2 percentage points on the month before to 11.6 percent in October, the NSO said.

Malawi's GDP growth forecast for 2008 has been revised upwards from 7.4 percent to 8.7 percent, attributed to robust performance by the agriculture sector, especially the tobacco industry, as well as growth in manufacturing and financial services.

“Over the past four years, Malawi has sustained an average growth rate of more than 7 percent, well above the 6 percent benchmark necessary to meaningfully reduce poverty," Malawi's finance ministry spokesman, Ephraim Munthali recently said.

During the same era, Munthali pointed out that the country has tamed inflation to within single digit.

Labels: FOOD, INFLATION, MALAWI

posted by MrK @ 11:13 PM