Malawi May inflation slows to 8.7 pct y/y

Malawi's headline inflation rate slowed to 8.7 percent year-on-year in May from 9.2 percent in April, due mainly to a downward spiral in food inflation, the National Statistical Office (NSO) said on Tuesday.

Inflation in the southern African country has been on a downward trend since hitting a two-year peak of 10.1 percent year-on-year in January.

"National food inflation has continued its downward spiral registering a drop of 7.4 percent on the month before. The decline in food prices is emanating mainly from seasonal forces at this time of the year," the NSO said in a statement.

Food inflation, heavily dictated by changes in the price of maize, the staple food in Malawi -- accounts for about 58 percent in the country's Consumer Price Index.