INFLATION DROPS TO 10.2PC

INFLATION has continued on its sharp decline trajectory with the rate for May reducing further to 10.2 percent, a trend which has continued consecutively for 10 months now.

The annual inflation rate is projected to continue downwards towards single digits over the next eight quarters.

From 11.5 percent recorded in April, 2022, inflation for this month declined to 10.2 percent, Zambia

Statistics Agency (ZamStats) Interim Statician General, Mulenga Musepa announced yesterday in Lusaka.

Mr Musepa explained that this meant that on average, prices of goods and services increased by 10.2 percent between May 2021 and May 2022.

“The slowdown in annual inflation was mainly attributed to price movements in both food and nonfood items,” he stated.

In 2022, inflation is projected to average 12.5 percent and then drop to 8.9 percent in 2023.

On the annual food inflation for May, 2022, Mr Musepa indicated that was recorded at 12.3 percent compared to 14.1 percent recorded in April 2022.

He attributed the development mainly to price movements in food items such as Meat, Fruits and Vegetables.

Meanwhile, Mr Musepa announced that the cumulative total trade for the period January to April 2022 was K115.2 billion while that of 2021 for the same period was K114.4 billion, representing a 0.7 percent increase

Mr Musepa also announced that Zambia recorded a trade surplus of K3.9 billion in April 2022.

This, he said, was compared to a surplus of K6.0 billion in March 2022, indicating a 34.6 percent decrease.

Mr Musepa explained that exports mainly comprising domestically produced goods, decreased by 12.6 percent to K16.3 billion in April 2022 from K18.7 billion in March 2022.