October inflation hits double digits

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The annual rate of inflation for October 2015 has hit double digits 6-year high, jumping to 14.3% almost double the percentage recorded in September of 7.7%.
CSO Director John Kalumbi says the increase in the annual rate of inflation is attributed to both food and non food items, with the annual food inflation rate shooting to 16.2% compared to the 8.1% recorded in September 2015.
Mr Kalumbi says of the totalJohn Kalumbi 14.3% annual rate of inflation recorded, food and non alcoholic beverage products accounted for 8.3%, while non food products accounted for 6.0%.

 

He explains that transport recorded the highest annual rate of inflation at 23.8%, while communication recorded the lowest at 1.2%.
Mr Kalumbi says the increase in the annual rate of inflation for transport was mainly attributed to increases in motor vehicle purchase.
He adds that north-western province recorded the highest annual rate of inflation at 20.6%, while western province recorded the lowest annual rate of inflation at 10.9% in October 2015.
Mr. Kalumbi further states that the country also recorded a trade deficit valued at K1,819.5 million in September 2015 from a trade deficit of K725.3 million recorded in August 2015.
Finance Minister Alexander Chikwanda in his 2015 Budget speech expressed confidence that for the sixth consecutive year, end year inflation will be contained to single digits in 2015 IN line with Government’s macroeconomic objectives.

QFM

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