Microcontact impedance spectroscopy in conjunction with conventional impedance techniques has been performed to elucidate microstructural and compositional inhomogeneities in polycrystalline Mn-Zn ferrites. Microcontact studies reveal the occurrence of oxygen stoichiometry gradients in these typically prepared ferrite ceramics together with a strong spatial resistance variation from boundary to boundary. This leads to a reinterpretation of the conventional impedance spectra of ferrites.