December 2015 Zambian Inflation Rate Closes At 21.1%

The December 2015 Zambian inflation rate of 21.1 per cent missed target by 14.1 per cent. The inflation target of 7.0 per cent for 2015 was announced by Minister of finance Mr Alexander B Chikwanda on 10th October 2014 during his 2015 Zambian Budget Speech. 

December 2015 Zambian Inflation

The last three months of the year 2015, has seen Zambia’s annual inflation rates in double digits as follows:

  • December 2015 – 21.1 per cent
  • November 2015 – 19.5 per cent
  • October 2015 – 14.3 per cent

The rise in the annual inflation rate was attributed to both food and non-food items.

Annual Food And Non Food Inflation Rates

The annual food inflation rate for December 2015 was recorded at 24.8 per cent from 23.4 per cent recorded in November 2015.

The annual non-food inflation rate for December 2015 was 17.1 per cent as compared to 15.5 per cent recorded in November 2015.

Of the total 21.1 per cent annual inflation recorded in December 2015 food and non-alcoholic beverages accounted for 12.8 per cent age points while non-food products accounted for 8.3 per cent age points.

Drivers of Annual Inflation Rates

  • Food And Non Alcoholic Beverages: The increase was mainly attributed to increases in the prices for maize grain and bread.
  • Clothing and Footwear: The increase was attributed to the increase in prices for imported chitenge material and ladies imported dresses.
  • Housing, Water, Electricity, Gas And Other Fuels: The increase in this division was as a result of increases in electricity tariffs and prices of charcoal.
  • Furnishing, Household Equipment, Routine Household Maintanance:The increase was influenced by blanket, silver plate and shoe polish.
  • Miscellaneous Goods And Services: The increase in this division was mainly attributed to increase in prices of hair plating and set and men’s hair cuts.

Provincial Contribution To Overall Inflation

The three highest provincial contributors to the overall inflation of 21.1 % were as follows: 

  • Lusaka – 6 %
  • Copperbelt – 4%
  • Southern – 2.3%

Zambia Trade Deficit

Zambia recorded a trade deficit in November 2015 valued at K 1226.1 million compared to the trade deficit recorded in October of K 2585.3 million. This means that the country imported more in November 2015 than it exported in nominal terms.

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