Malawi inflation falls to 19.4 percent in September

Malawi’s headline inflation rate declined to 19.4 percent in September 2026, according to data from the National Statistical Office (NSO). This marks the first time the rate has dropped below 20 percent since May 2022. The decline from 20 percent in August was primarily driven by easing food price pressures, with food inflation falling to 12.5 percent from 13.4 percent in the previous month.

Non-food inflation also saw a slight moderation, moving from 31.8 percent to 31.5 percent. While the downward trend aligns with the Reserve Bank of Malawi’s forecast of an annual rate of 22 percent, analysts have warned of potential volatility. Risks to the disinflation path include the upcoming lean season, which may impact maize prices, and potential increases in fuel costs due to tensions in the Middle East.