Inflation Rate Drops

ZAMBIA’s annual rate of inflation for August has declined to 8.3 per cent from nine percent last month. The inflation rate for both June and July stood at 9.0 per cent while in May it stood at 8.9 per cent. This drop is mainly attributed to the reduction in food and non food prices.

In January and February 2011, the inflation rate was at 9.0 per cent but later increased to 9.2 per cent the following month. In April the rate further went down to 8.8 per cent

Addressing Journalists in Lusaka yesterday, Central Statistical Office (CSO) acting director John Kalumbi explained that between July and August, annual inflation rates reduced for food, beverages, tobacco, clothing, footwear, household fuel, lighting, medical care,f urniture and household goods.

However, inflation increased for transport and communication, recreation, education and other goods and services.

In a speech read for him by director in charge of social statistics William Mayaka, Mr Kalumbi said of the total 8.3 per cent annual inflation rate in August 2011, food products accounted for 2.5 percentage points while non food products in the Consumer Price Index (CPI) stood at 5.8 percentage points.

“The annual food inflation rate was recorded at 5.4 per cent in August 2011 this represent a decrease from 5.9 per cent in July, 2011.Furthermore, the annual non food inflation rate was recorded at 10.9 per cent and this is a decrease from 11.8 per cent in July 2011,” Mr Kalumbi said.

He said a comparison of retail prices between July 2011 and August 2011 indicate that the national average price of a 25 kilogramme (Kg) bag of white breakfast mealie meal slightly reduced by 0.3 per cent from K47,987 to K47,855.

Mpulungu Kapenta reduced by 5.5 per cent from K55,179 to K52,132 while the average price of one kg of tomatoes declined by 8.4 per cent from K4,492 to K4,114.

However, the national average prices of 20 litre tin of maize grain increased by 4.2 per cent from K16, 973 to K17, 678.

“The national average price of a 25 kg bag of white roller mealie meal slightly increased by 0.2 per cent from K33, 536 to K33, 604 and average price of 1kg of dressed chicken increased by 2.0 per cent from K16, 788 to K17, 126.

“The national average price of 1kg of fresh fish (bream) increased by 2.7 per cent from K16,366 to k16,801,” Mr Kalumbi said.

The 2010 December annual inflation rate closed at 7.9 per cent.

Posted by Admin on August 29, 2011. Filed under LATEST NEWS. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.