Zambia’s inflation rate shoots to 22.9%

Zambia’s annual rate of inflation as measured by all Items Consumer Price Index (CPI) has increase by 1.1% from the 21.8% recorded in January this year to 22.9% recorded this month.
This means that on overage, prices increased by 22.9% between February 2015 and February 2016.

Central Statistical Office (CSO) Director John Kalumbi has attributed this increase in inflation rate to both food and non food items.
Mr. Kalumbi has told a media briefing held in Lusaka today that the CSO projects that the Country’s annual inflation rate will continue to slightly increase until somewhere around October this year.

He has also disclosed to journalists that the monthly inflation rate for February 2016 was recorded at 1.2% compared to 1.3% recorded in January 2016.
Mr. Kalumbi explains that this means that on overage, prices increased at a slower rate of 1.2% between January 2016 and February 2016 on a monthly-on month basis.

Meanwhile Zambia recorded a trade deficit in January 2016 valued at K172.6 million representing a 76.7 % decrease in trade deficit from the K739.5 million recorded in December 2015.
This means that the Country imported more in January 2016 than it exported in nominal terms.

QFM