The Bank of Mozambique forecasts the country’s soaring inflation rate will ease, after peaking in November, the O País newspaper reports.

The central bank says the inflation rate reached 26.8 percent last month and it has reduced its inflation-rate target for this year to 27 percent from 30 percent.

Amid signs of stabilisation in price, the bank retained the 23.25 percent benchmark lending rate, after raising it 600 basis points in October.