Inflation rate accelerates to 9.8p.c
ZAMBIA’S annual inflation rate for November has accelerated to 9.8 percent due to movements in prices of nonfood items, as it records a trade surplus of K2.8 billion.
The annual inflation for November, 2022 increased to 9.8 percent from 9.7 per cent recorded in October 2022, Zambia Statistical Agency (ZamStats) interim statistician General Mulenga Musepa said.
This means that on average, prices of goods and services increased by 9.8 percent between November 2021 and September 2022
Addressing journalists in Lusaka yesterday, Mr Musepa indicated that annual food inflation increased to 12.1 per cent in November 2022 from 12.2 percent in October this year.
He indicated that this development was mainly attributed to meats, fruits and cooking oil.
Mr Musepa said annual non-food inflation for November 2022 was recorded at 6.7 per cent from 6.5 per cent in October 2022.
This outturn was mainly attributed to increases in prices of non-food items such as Fuels & lubricants, paraffin purchases, charcoal and pharmaceutical products.
He indicated that of the overall 9.8 percent annual inflation, food and non-alcoholic beverages group contributed 6.9 percentage points, while non-food items accounted for 2.9 percentage points.
“Housing, water, electricity, gas and other fuel contributed the highest at 0.8 percentage points, followed by transport at 0.6 percentage points,” Mr Musepa said.
He said clothing and footwear contributed 0.5 percentage points, stating that the rest of the non-food group accounted for the remaining 1.0 percentage points.
Mr Musepa indicated that Lusaka province contributed the highest at 3.2 percentage points to the overall annual inflation of 9.8 per cent in November 2022.
Copperbelt province was second, contributing 2.3 percentage points while Southern province accounted 0.9 percentage points.
He pointed out that Luapula province and North-Western provinces had the lowest contributions of 0.4 points.
On trade, Mr Musepa indicated that the cumulative total trade for the period January to October 2022 was recorded at K290.3 billion while that of 2021 for the same period was K300.7 billion, representing a 3.5 per cent decrease.
“The total value of exports via all modes of transport for the period January to October 2022 was K166.2 billion. Road transport accounted for the highest at K82.9 billion representing 49.9 percent.
“Rail transport was second at K2.9 billion and Air transport was third accounting for K2.4 billion. Other modes of transport accounted for K78.1 billion,” he said.
Mr Musepa said total value of imports via all modes of transport for the period January to October 2022 was K124.0 billion.
He said Zambia recorded a trade surplus of K2.8 billion in October 2022 compared to a K1.6 billion in September 2022, indicating a 13.1 per cent decrease in the surplus.
Mr Musepa said exports mainly comprising domestically produced goods, increased by 2.8 per cent to K15.2 billion in October 2022 from K14.7 billion in September 2022.
This was mainly on account of 15.5 and 5.7 per cent increase in export earnings from consumer goods and intermediate goods respectively.
Imports decreased by 6.1 per cent to K12.3 billion in October 2022 from K14.7 billion in September 2022.
He said this was mainly as a result of 19.9, 6.8 and 1.8 per cent decreases in import bills of consumer goods, raw materials and capital goods.