Inflation goes up

By BUSINESS REPORTER ZAMBIA’s annual inflation rate for the month of July has increased to 7.8 percent from 7.4 per cent last month.

Meanwhile, the country has recorded a trade deficit as imports between May and June this year increased by 13.0 per cent.

Last month, Zambia recorded a trade deficit of K100, 612.8 million from a trade surplus of K245.4 million registered in May this year.

In explaining this development, Central Statistical Office acting director, Goodson Sinyenga, said this was due to an increase in imports of capital goods by 24.6 per cent to K3, 345.7 million in June from K2, 685.6million in May.

Mr Sinyenga further explained that Zambia's exports decreased by 7.4 percent to K8, 578.4 million in June from K9, 266.0million for May.

"The decrease in the value of exports is mainly attributed to the reduction in the traditional exports by 9.2 per cent to K6, 641.2million in June from K7, 314.3million in May," he said.

He was speaking yesterday in Lusaka during the announcement of the annual inflation rate for July and the launch of the preparations for the second generation National Strategy for the Development of Statistics (NSDS).

Mr Sinyenga also announced that the prices of goods and services on average increased to 7.8 percent in July 2018 from 7.4 recorded in June 2018.

The price increase was in meat, bread, rice and fruits, purchase of motor vehicles and air fares.

Meanwhile, the Ministry of National Development Planning permanent Secretary, Chola Chabala, observed the need to strengthen the country’s national statistical system as it was currently weak. Mr Chabala said the system was weak and not performing to users’ expectation.

“This has to change, it does not require much but a structured process for managing the Statiscal system. The NSDS offers an opportunity for focus in terms of the way we manage our statistics in the country,” he said.