BLANTYRE-(MaraviPost)-President Lazarus Chakwera’s Tonse administration is far much from the promised Canaan.
It has been revealed that Malawi’s October, 2022 Headline inflation rate (year on year) has reached 26.7 percent, the highest figure in 9 years.
This has been confirmed in a report by National Statistical Office (NSO).
The report also reveals that food and non-food inflation rates are at 34. 5 and 18.6 percent, respectively.
This means that Malawians will continue face rising prices of commodities, especially food.
The rising inflation is despite the Reserve Bank of Malawi (RBM) taking two stances of Policy Rate tightening this year alone.
The last time inflation reached this high was during former President Joyce Banda’s administration in June 2013.
Generally, headline inflation rate refers to the rate of change in the Consumer Price Index (CPI), a measure of the average price of a standard basket of goods and services consumed by a typical family.
In Malawi, the headline inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods.
Chakwera is unable to fix self-made economic mess characterised by high cost of living, forex, drugs, fuel shortages two years in power.