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Mozambique registers over 10 pct inflation in 2015

Xinhua, January 9, 2016 Adjust font size:

Mozambique registered an accumulated inflation of over ten percent in 2015, the country's National Statistics Institute (INE) said Friday.

The institution announced that the inflation in December, as measured by the consumer price indices of the three largest cities namely Maputo, Nampula and Beira, was 4.76 percent, which is by far the largest monthly rise in prices of 2015.

Most of the December inflation is accounted for by food prices.

For the past whole year, prices rose in the first three months of the year, followed by a period of deflation, as prices fell in April, May and June.

There were small prices rises in July, August and September, but then inflation took off in the last quarter of the year.

Every year prices rise in the couple of months prior to the festive season. But in 2015, inflation was much higher in part because of the sharp devaluation of the national currency, the metical, particularly in November.

In recent weeks, the metical has staged something of a recovery against the U.S. dollar and particularly against the South African rand, the currency in which many of the country's food imports are denominated.

The figure is much higher than the target the Mozambican government set for 2015, which is no more than 5.6 percent. Endit