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HomeNewsZAMBIA'S ANNUAL INFLAMMATION RATE RISES TO 9.9 P.C

ZAMBIA’S ANNUAL INFLAMMATION RATE RISES TO 9.9 P.C

ZAMBIA’S annual inflation rate has accelerated to 9.9 percent this month due to the base effect in food items, as it records a trade surplus of K3.2 billion.

The annual inflation for September 2022 has increased to 9.9 percent from 9.8 percent recorded in August 2022, Zambia Statistics Agency (ZAM Stats) Interim Statistician General Mulenga Musepa has said.

Addressing journalists in Lusaka yesterday, Mr Musepa indicated that annual food inflation increased to 12.1 per cent from 11.3 per cent in August this year.

He indicated that this development was mainly attributed to price movements in food items such as cereals, mealie meal, fish and vegetables.

Mr Musepa said annual non-food inflation for September 2022 was recorded at 7.2 per cent from 7.8 per cent 2022.

This outturn was mainly attributed to decreases in prices of non-food items such as fuels & lubricants, purchase of motor vehicles and airfares.

He said that of the overall 9.9 per cent annual inflation, food and non alcoholic beverages group contributed 6.8 percentage points, while non-food items accounted for 3.1 percentage points.

Of the 3.1 percentage points, clothing and footwear, housing, water, electricity, gas and other fuel and transport contributed the highest at 0.7 percentage points cach.
He said Lusaka Province contributed the highest at 2.9 percentage points to the overall annual inflation of 9.9 per cent in September 2022.

Copperbelt Province was second, contributing 2.4 percentage points while Eastern, Luapula and Western provinces contributed 0.5 percentage points each.

On trade, Mr Musepa indicated that the cumulative total trade for the period January to August 2022 was recorded at K232.0 billion while that of 2021 for the same period was K246. 1 billion, representing a 5.7 per cent decrease.

Mr Musepa said total value of imports via all modes of transport for the period January to August 22 was K98.5 billion.

He said Zambia recorded a trade surplus of K3.2 billion in August 2022 compared to a K3.7 billion in July 2022, indicating a 13.1 per cent decrease in the surplus.

Mr Musepa said exports mainly comprising domestically produced goods, decreased by 4.2 per cent to K15.3 billion in August 2022 from K15.9 billion in July 2022.

This was mainly of decreases in export camnings from intermediate goods, consumer goods and capital by 6.0. 10.6 and 48.1 per cent respectively.

Imports increased by 1.5 per cent to K12.0 billion in August 2022 from K12. 2 billion in July 2022.

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