October 2010 Zambian Inflation Stands At 7.3 Percent

The October 2010 Zambian Inflation rate further reduced to 7.3 from 7.7 percent recorded in September 2010.

Announcing the October 2010 Zambian inflation figures on 28th October 2010, Central Statistics acting director, John Kalumbi said the decline was due to a reduction in the cost of non-food items.

Meanwhile the Bank of Zambia governor Dr Caleb Fundanga has predicted that the annual inflation rate for 2010 would close in single digits, meeting the Zambia inflation target of 8.0 percent. He said despite the expected inflationary pressure from increases in energy costs, the good maize harvest was expected to mitigate the pressures.

Composition Of Food And Non-Food Inflation In October 2010 Zambian Inflation Statistics

Mr. Kalumbi said of the total 7.3 percent, food products in the Consumer Price Index (CPI) accounted for 1.6 percent while the non-food products accounted for 5.7 percentage points.

Kalumbi said the annual food inflation rate was recorded at 3.4 percent in October 2010, an increase from 2.8 percent in September 2010.

The annual non-food inflation rate was recorded at 11.0 percent in October 2010 a decerease from 12.5 percent in September 2010.

Mr. Kalumbi said the annual inflation rate increased for food, beverages and tobacco whilst the annual inflation rate reduced for clothing and footwear; household fuel and lighting; furniture and household goods; medical care; transport and communication; recreation and education and other goods and services.

Prices Of Some Selected Products

Mr. Kalumbi said “ a comparison of retail prices between September 2010 and October 2010, shows that the national average price of a 25 kg bag of white breakfast mealie meal reduced by 1.4 percent, from K56,431 to K55,661, while the average price of white roller mealie meal increased by 5.1 percent, from K35,068 to K36,865. The national average price of a 20 liter tin of maize grain increased by 1.4 percent, from K18,498 to K18,756.”

“The national average price of 1kg of dried kapenta (Siavonga) increased by 9.3 percent, from K51,466 to K56,259, while the national average price of 1kg of tomatoes reduced by 4.4 percent, from K3,346 to K3,199.”

September 2010 Zambian Trade Surplus

For sixteen consecutive months from June 2009 to September 2010 the Zambian government had been recording trade surpluses. In the month of September 2010 a trade surplus valued at K 629 billion was recorded against K 865.7 billion recorded in August 2010. The trade surplus meant that the country exported more in the month of September that it imported in value terms.

Major Export Destinations In September 2010

The following countries were the major export destinations:

• Switzerland – accounting for 47.7 percent
• China – accounting or 21.5 percent
• South Africa – accounting for 11.4 percent
• Democratic Republic of Congo – accounting for 4.0 percent
• United Arab Emirates – accounting for 2.6 percent

These five countries collectively accounted for 87.2 percent of Zambia’s total export earnings in September 2010.

October Zambian Inflation to Zambian Inflation
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