The country recorded accumulated inflation of 5.30% in 2023, having grown by 1.29% in December compared to November, according to data released today by the National Statistics Institute (INE).

INE data indicates that the country "recorded a rise in the general price level of around 5.30%" over the 12 months from January to December.

"The food and non-alcoholic drinks division saw the biggest rise in prices, contributing 3.34 percentage points," says INE in its Consumer Price Index (CPI).

In the monthly variation, prices in Mozambique, according to INE, rose by an average of 1.29% in December, accelerating from the 1.17% increase in November.

Compared to the 12-month average variation, all locations saw an increase in the general price level. The city of Tete had the highest increase in the general price level with around 9.59%, followed by Inhambane Province with 9.38%, the cities of Quelimane with 9.29%, Chimoio with 6.80%, Beira with 6.32%, Xai-xai with 6.20%, Nampula with 6.13% and Maputo with 6.07%.

It should be noted that Mozambique's Minister of Economy and Finance, Max Tonela, said in December that the Mozambican economy would have grown by the equivalent of 5% of GDP in 2023 and could reach 5.5% in 2024. Inflation, according to government forecasts, should be 7% in 2023, repeating the same figure in 2024.