Inflation Malawi 2023
Average inflation: 28.7%
Current Inflation
Inflation is very high at 28.7%, far above the ECB target.
Peak and Trough
The highest inflation was in December at 34.5%. The lowest inflation was in January at 25.9%.
- Highest month
- December: 34.5%
- Lowest month
- January: 25.9%
- Difference
- 8.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 37.0%. The lowest price increase was in Energy with an average of 20.5%.
- Highest increase
- Food: 37.0%
- Lowest increase
- Energy: 20.5%
Historical Context
Current inflation is 13.3% higher than the 5-year average of 15.4%. This approaches the highest level since records began (28.7% in 2023).
- 5-year average
- 15.4%
- 10-year average
- 16.8%
- All-time high (2023)
- 28.7%
- All-time low (2011)
- 7.6%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +7.8 percentage point.
- Change vs. previous year
- +7.8 percentage points
- Largest monthly swing
- January: +13.8 percentage points
ECB Target
Inflation is 26.7% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €128.70 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 25.9% | +13.8 |
| February | 26.7% | +13.7 |
| March | 27.0% | +12.9 |
| April | 28.8% | +13.1 |
| May | 29.2% | +10.1 |
| June | 27.3% | +3.8 |
| July | 28.3% | +3.7 |
| August | 28.6% | +3.1 |
| September | 27.8% | +1.9 |
| October | 26.9% | +0.2 |
| November | 33.2% | +7.4 |
| December | 34.5% | +9.1 |
| Average | 28.7% |
Data source
Data from WorldBank. Last updated: 06/01/2026.