Zambia: Inflation up 0.3 p.c.

FMCG SUPPLIER NEWS

Times.co.zm - Jun 28th, 12:11

Zambia’s inflation rate has increased by 0.3 percentage points from seven per cent recorded in May 2013, to 7.3 per cent this month, while the country has recorded a trade surplus valued at KR267.8 million. 

Central Statistical Office (CSO) acting director Peter Mukuka said the annual rate of inflation, as measured by the all-items Consumer rice Index (CPI) had gone up by 0.3 percentage points, from seven per cent recorded in May to 7.3 per cent recorded in June 2013.

This means that on average, prices increased by 7.3 per cent between June 2012 and June 2013”

The rise in the annual inflation rate was attributed mainly to increases in food prices and some non food items.

Speaking during the briefing in Lusaka this week, Mr Mukuka said that of the 7.3 per cent annual inflation rate recorded in June 2013, food products accounted for 3.8 percentage points, while non-food products accounted for a total of 3.5 percentage points Mr Mukuka said the annual food inflation rate was recorded at 7.1 per cent in June 2013 compared to 6.3 per cent in May, 2013.

This represents a 0.8 percentage point’s increase in annual food inflation. The annual non-food inflation rate decreased by 0.2 per centage points from 7.8 per cent recorded in May 2013 to 7.6 per cent recorded in June 2013.

Mr Mukuka said Lusaka made the largest provincial contribution of 2.3 percentage points to the overall annual inflation rate of 3 per cent recorded in June 2013, followed by the Copperbelt which contributed 1.4 percentage points.

The lowest contribution came from North-Western and Luapula provinces of 0.3 percentage points each.

The comparison of retail prices between May and June 2013 shows that the national average price of a 25kg bag of breakfast mealie meal increased by 2.1 per cent from KR58.17 to R59.41.


While the national average price of a 25kg bag of roller mealie meal increased by 0.2 per cent from KR44.89 to KR44.97.

The national average price of a 20 litre tin of maize grain decreased by 10.0 per cent from KR25.15 to KR22.64 between May and June 2013,” he said.

And Mr Mukua said Zambia recorded an increase in the trade surplus valued at KR267.8 million in May 2013 from KR329.5 million recorded in April 2013.Mr Mukuka said this means the country exported more in May, 2013 than it imported in nominal terms.

The country has continued to record trade surpluses since January 2013 with the highest valued at KR329.5 million recorded in April 2013 and the lowest trade surplus was recorded in February 2013, valued at KR133.2 million.

Zambia’s major export products in May were intermediate goods category mainly comprising copper cathodes and sections of refined copper accounting for 69.8 per cent.

Times.co.za