Africa-Press – Mozambique. The Oxford Economics Africa consultancy on Friday foresaw inflation in Mozambique remaining at 6.5% this year, down from 10.3% in 2022, mainly due to the slide in oil prices in international markets.
“We now expect the average price of a barrel of Brent oil to be US$87.6 per barrel in the last quarter of the year, that is, 1.1% below the price recorded in the last quarter of 2022, which will help the Mozambican government to maintain stability in fuel prices at national level,” write analysts from the African branch of this London-based consultancy.
“As we also believe that the government will maintain the indexation, in practice, of the metical at 63.94 dollars per metical until the end of 2023, we now expect the average inflation rate to slow down from 10.3% in 2022 to 6.5% this year,” a note sent to customers which Lusa has accessed reads.
Twelve-month inflation in Mozambique fell again in August, to 4.93%, according to data released this month by the National Statistics Institute (INE), renewing lows of more than a year and a half.
This was the fifth consecutive month’s reduction in year-on-year inflation, and 0.12 percentage points less than the previous month, the lowest value since January 2021, according to the INE figures.
“Data from the month under analysis (August), when compared with data from the same period in 2022, indicate that the country recorded a price increase of around 4.93%. The Miscellaneous Goods and Services and Education divisions were the ones that saw the biggest price increase, varying by 17.34% and 14.12%, respectively,” the INE reports.
According to the INE, prices in Mozambique have risen 2.10% since the beginning of 2023, with average monthly inflation over the last 12 months falling in August to 9.32%.
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