Inflation continues to decline
ZAMBIA’s annual inflation rate has declined to 11.3 per cent for this month, as total trade rises to K31.4 billion in March this year.
The annual inflation for April this year decreased to 11. 5 percent from 13.1 per cent the previous month, due to a slowdown in food items such as meat, vegetables, eggs, butter and peanut butter.
This is according to the Zambia Statistics Agency (ZamStats) interim statistician general Mulenga Musepa.
Addressing journalists in Lusaka yesterday, Mr Musepa said food inflation decreased to 14.1 per cent from 15.3 per cent in March 2022.
He said non-food inflation declined to 8.2 percent from 10.3 per cent in March 2022, stating that this could mainly be attributed to price movements of non-food items such as purchase of vehicles, glassware, tableware and household utensils, cement, charcoal, iron sheets and paint.
“April 2022 overall monthly inflation was recorded at 0.7 per cent from 0.8 per cent recorded in March 2022. Monthly food inflation increased to 1.1 per cent from 0.9 per cent in March 2022 due to price increase in fruits, vegetables, cooking oil and sugar,” Mr Musepa said.
He indicated that the monthly non-food inflation decreased to 0.1 percent from 0.6 per cent in March this year, mainly due to price decrease in footwear, and purchase of vehicles.
On the provincial figures, annual inflation for April 2022 increased for North- Western Province to 13.5 per cent from 12.1 per cent and with a decrease being recorded from Lusaka province at 10.3 percent from 13.0 per cent.
On the trade, Mr Musepa indicated the total trade in March 2022 increased by 11.3 per cent to 31.4 billion compared to K28.2 billion in February 2022.
He said the country’s trade surplus of K5.98 billion was recorded in March this year, indicating a 0.1 per cent decrease from K6.0 billion in February 2022.
Mr Musepa said exports increased by 9.2 per cent to K18.7 billion in March 2022 from K17.1 billion in February this year.
“Imports increased by 14.1 percent to K12.1 billion in March 2022 from K11.1 billion in February 2022. The increase in exports was mainly on account of a 10.1 and 21.1percent increase in export earnings from Intermediate goods and raw materials, respectively,” he said.
Mr Musepa indicated that refined copper export earnings in March 2022 increased by 3.8 per cent to K13.9 billion from K13.4 billion the previous month.
He said refined copper export volumes in March 2022 rose by 7.7 percent to 77.4 thousand tonnes from 71.9 thousand tonnes the previous months.
Mr Mulenga pointed out that copper price on the London Metal Exchange (LME) increased by 3.4 per cent to US$10,237.6 per tonnes in March 2022 from US$9,941.35 per tonnes in February 2022.