By Chisomo Phiri
A seasoned banker and motivational speaker, Benedicto Bena Nkhoma, has observed that Malawi’s inflation trends are beginning to shift, with growing pressure now emerging from the non-food sector of the economy.
In an interview with 247 Malawi News, Nkhoma said the headline inflation slightly increased from 23.8 percent in March to 24.3 percent in April 2026 after recording five consecutive months of decline.
He noted, however, that food inflation continues to ease, declining from 20.1 percent to 19.1 percent, largely due to improved food supply following the recent harvest season.
He said the month-on-month inflation also dropped to negative 2.6 percent, reflecting the seasonal effect of lower food prices.
Despite this positive development, Nkhoma warned that the country is now facing mounting pressure from non-food inflation, which surged sharply from 30.7 percent to 33.2 percent.
He attributed the rise to several factors, including fuel price adjustments, foreign exchange shortages, rising import costs, and increasing transport and logistics expenses.
“This tells us something very important: Malawi’s inflation challenge is no longer only about food production. It is increasingly about structural vulnerabilities and import dependence,” he said.
Nkhoma further observed that a country heavily dependent on imports, while struggling to generate sufficient foreign exchange, will remain exposed to recurring inflation shocks.
He stressed that Malawi Vision 2063 should not merely be viewed as a development slogan, but as an economic survival strategy aimed at transforming the country’s productive capacity.
To address the persistent inflationary pressures, Nkhoma urged the country to accelerate investments in local production, mining, manufacturing, energy, agro-industrialisation, export diversification, and foreign exchange generation.
“Inflation may temporarily slow down, but without structural transformation, the pressure will keep returning through the back door,” he said.
Inflation is the general increase in the prices of goods and services over time, which reduces the purchasing power of money.
