May 2011 Zambian Inflation Stands At 8.9 Percent
The May 2011 Zambian inflation increased marginally to 8.9 percent.
The announcement was made by the CSO acting director, Mr. John Kalumbi on Thursday, 26 May 2011.The marginal increment in the rate of inflation was caused by increases in some food prices such as fish, vegetables, cabbage, Kapenta and tomatoes.
John Kalumbi said food products accounted for 2.0 percent while non-food products accounted for 6.9 percent.
Generally, from April 2011 to May 2011, annual inflation rates increased for food, beverages and tobacco, clothing and footwear, and household fuel and lighting. However, there was a reduction in the annual inflation rates for furniture and household goods, medical care, transport and communication and other goods and services.
Annual Inflation Rates for Food And Non food Products
The May 2011 Zambian Inflation rates for the above were as follows: The annual food inflation rate was recorded at 4.2 percent, and the non food inflation rate was recorded 13.3 percent.
This resulted in the in an increase from 3.3 percent in April 2011 and a decrease from 14.0 percent in the annual food and non food inflation rates respectively.
Economists have predicted that in view of the bumper harvest of maize in the last season, the inflation target set for the country could be met.
However, this could be affected by the elections to be held before the end of the year.
Chibamba Kanyama, an economist at the Economics Association Of Zambia said:
Much of the inflationary stability hinges on post-election results. A change of government may result in temporary macroeconomic instability, said Chibamba Kanyama.
The only real challenge is the extent to which the government will maintain fiscal discipline in view of the elections. He added.
Just like in the month of March 2011, the country again recoded a trade surplus to the tune of K 1,105.4 billion. This surpassed the surplus figure of K 862.3 billion which was recorded in March 2011.
Exports In April 2011
The following were major exports in April 2011:
- Intermediate goods, mainly comprising of copper cathodes and sections of refined copper and blister accounting for 91.4 percent of total exports.
- Consumer goods, raw materials and capital goods categories accounting for 8.6 percent of total exports.
Export Destinations In April 2011
The following were export destinations in the order of ranking. The exports accounted for 92.9 % of Zambias export earnings in April 2011:
- Switzerland 53.6 %
- China 45.5 %
- South Africa 14.1 %
- United Kingdom 4%
- Democratic Republic of Congo ( DRC) 3.5%
Other Related Pages on The Zambia Inflation
Zambian Inflation Figures For 2010
Zambia Inflation Figures For 2009
Zambian Inflation Figures For 2008
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