December 2010 Zambian Inflation At 7.9 percent Hits Target!

The December 2010 Zambian Inflation rate of 7.9 percent was within the projected target of 8 percent for year 2010.

The announcement was made on 30th December 2010 by acting Central Statistical Office director Mr. John Kalumbi.

The favorable performance was made possible by the bumper harvest the country experienced in the 2009/2010 farming season and the favorable rate of exchange in the same period.

The country was able to meet the target despite the hike in fuel prices of 15% near the end of January 2010. At that time it was envisaged that this was likely to contribute to the rise in prices of goods and services in the near future.

In October 2010 Bank of Zambia governor Dr Caleb Fundanga 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.

In the year 2010 the inflation rates were as follows:

January 2010 – 9.6 percent
February 2010 – 9.8 percent
March 2010 – 10.2 percent
April 2010 – 9.2 percent
May 2010 – 9.1 percent
June 2010 – 7.8 percent
July 2010 – 8.4 percent
August 2010 – 8.2 percent
September 2010 – 7.7 percent
October 2010 – 7.3 percent
November 2010 – 7.1 percent
December 2010 – 7.9 percent

And during the 2010 year, with the exception of October 2010, the Zambian government had been recording trade surpluses, with the highest valued at about K1,134.3 billion in April, 2010.

The following were the figures:

January 2010 – 316.3 billion
February 2010 – 391 billion
March 2010 – 752.9 billion
April 2010 – 1,134.3 billion
May 2010 – 762.9 billion
June 2010 – 493.6 billion
July 2010 – 1,068.7 billion
August 2010 – 865.7 billion
September 2010 – 629 billion
October 2010 – (451.5) billion
November 2010 – 860.4 billion


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