Zambia’s Inflation Rate Drops

By MAIMBOLWA MULIKELELA

ZAMBIA’s inflation rate for last m -onth declined by 0.1 percentage point to 6.9 from seven per cent in January 2013, while Zambia has recorded a trade surplus valued at KR192.8 million.

Central Statistical Office (CSO) acting director Goodson Sinyenga said the annual rate of inflation as measured by the all-items Consumer Price Index (CPI) had slowed down by 0.1 percentage points, from seven per cent in January to 6.9 per cent in February 2013.

The slowdown in the annual inflation rate was attributed mainly to decrease in some food prices.

Addressing journalists in Lusaka yesterday, Mr Sinyenga said of the total six point nine per cent of annual inflation rate in February 2013, food products accounted for three point five percentage points, while non-food products accounted for three point four percentage points.

“The annual food inflation rate was recorded at six point seven per cent in February 2013 compared to seven point six per cent recorded in January 2013.

This implies that there was zero point nine percentage point decrease in annual food inflation,” he said.

Mr Sinyenga said Lusaka made the largest provincial contribution of one point nine percentage points to the overall annual inflation rate of six point nine per

cent recorded in February, this year followed by the Copperbelt which contributed one point seven percentage points while the lowest contribution came from North-Western and Luapula provinces.

A comparison of retail prices between January and February 2013 indicates that the national average price of a 25 Kilogramme(kg) bag of breakfast mealie meal decreased by five point five per cent from KR57.56 to KR54.41.

“The national average price of a 25kg bag of roller mealie meal decreased by four point two per cent from KR45.09 to KR43.20,” Mr Sinyenga said.

He said the national average price of 20 litre tin of maize grain increased by five point eight per cent from KR24.39 to KR25.81.

Commenting on the international merchandise trade, Zambia recorded an increase in the trade surplus valued at KR192.8 million in January 2013 from KR135.9 million in December 2012.

Mr Sinyenga said this means Zambia exported more in January 2013 than it imported in the same month in nominal terms.

Zambia’s major export products in January were intermediate goods category mainly comprising copper cathodes and sections of refined copper accounting for 76.9 per cent.

Posted by Editor on March 2, 2013. Filed under BUSINESS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry