The 7.1 per cent July 2015 Zambian inflation rate was the same as that recorded for June 2015.This means that on average, prices increased by 7.1 per cent between July 2014 and July 2015.
Mr Kalumbi, who announced the figures for inflation in Zambia, said that of the total 7.1% annual inflation rate recorded, food and non-alcoholic beverage products accounted for 4.0 % while non-food products accounted for 3.1%.
However, there were movements in the annual food inflation rate. The rate for July was recorded at 7.8% compared to 7.1 % recorded in June 2015. The reason was due to mainly price movements in bread and cereals.
Whereas the annual non-food inflation rate for July 2015 decreased to 6.2% from 7.0%, due to the slowing down of inflation in housing, water, electricity, gas and other fuels. For example, the change in electricity tariffs last year during the same period had given rise to the decrease in the annual non-food inflation rate.
The Lusaka province contributed to the highest annual inflation rate at 2.3 % while Western province was the lowest at 0.2%.
Mr Kalumbi further stated that the country recorded a trade deficit valued at K1, 293.2 million. In fact the country has been recording trade deficits this year from January 2015 to June 2015!
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