Malawi Inflation moderates to 27.9 percent in November 2025

In November 2025, the overall price level of goods and services moderated to 27.9 percent, representing a 1.2 percentage point decline from 29.1 percent recorded in October 2025. Food inflation eased to 30.1 percent, down from 32.4 percent in the previous month, while Non-Food inflation rose slightly from 23.8 percent to 24.2 percent over the same period.

The lower inflation rate in November 2025 was largely attributed to a slower increase in food prices compared to the same period last year. Although food prices increased in both periods, the rise in November 2025 was less pronounced than in November 2024, resulting in a lower Year-on-Year inflation rate for the month.

Table 1: Inflation rates and CPIs for September to November 2024 and 2025

Food prices, major driver of inflation

Food prices continue to be the main driver of inflation in Malawi. During the month, prices of key food items such as rice, maize, and maize products moderated, with a notable decline in vegetable prices. These developments contributed to a slower rise in the food index compared to recent months.

Analysis of food prices over the past twelve months shows that prices increased more rapidly in November 2024 than in November 2025, resulting in a lower year-on-year food inflation rate.

Non-food inflation rate increases to 24.2 percent

In contrast, the non-food index recorded a slight increase over the same period, mainly driven by rising prices of solid fuels under the Housing, Water, and Electricity category. Additional upward pressure was observed in the Clothing and Footwear as well as Furnishings and Household Items categories. Overall, the growth in the non-food index exceeded that recorded in the corresponding period in 2024, leading to an increase in the non-food Year-on-Year inflation rate.

Year-on-Year inflation rate

Generally, the increase in the overall price index in November 2025 was lower than that observed in November 2024, resulting in a decline in the Year-on-Year inflation rate.

Month-to-month inflation reaches 2.3 percent

In November 2025, the national month-to-month inflation rate, reflecting the overall percentage change in the general price level of goods and services between October and November 2025, reached 2.3 percent from the previous month. The food prices increased to 2.4 percent from 1.7 percent in October 2025 while non-food inflation decreased to 2.1 percent from 3.0 percent over the same period.

In urban areas, the monthly inflation rate reached 1.2 percent, comprising a 0.9 percent increase in food prices and a 1.5 percent rise in non-food prices.

In contrast, rural areas experienced a higher inflation rate of 2.8 percent, mainly due to a 3.0 percent rise in food prices, while non-food inflation registered a more modest 2.4 percent increase.