Central Statistics Office announced that the October 2016 Zambian inflation decreased to 12.5 percent due to the base effect arising in the month of October 2015.
Central Statistics Office director John Kalumbi who announced the October 2016 Zambian annual rate of inflation said the base effect is the consequence of abnormally high or low levels of inflation in a previous month distorting the current annual inflation numbers. In this case the abnormally low levels of inflation were experienced in October 2015.
The annual rate of inflation for food was 23.4 percent in September 2016, dropping to 15.6 percent in October 2016. The annual non-food inflation rate was 14 percent in September 2016, however it reduced to 9 percent in October 2016.
The decrease in the annual rate of inflation for food was mainly attributed to reductions in prices of bread, bun, meat, cooking oil, tomato and table salt, but reduction in the inflation rate of non-food inflation was mainly a result of decreases in price of motor vehicles.
The inflation rate for October 2016 was recorded at 0.5 percent. Products which contributed most to this rate were increases in the prices of mealie meal, maize grain, dried kapenta mpulungu, dried chisense and cement. However there were reductions in the prices of meat, eggs, table salt, refrigerator and motor vehicles, but these were not high to influence the rate for October 2016.
The composition of the annual inflation rate of 12.5% was as follows: food and non-alcoholic beverage product accounted for 8.1 percentage points and non-food products accounted for 4.4 percentage points.
Lusaka had the highest contribution at 3.6 percent, whereas Western province had the lowest at 0.4 percent. The inflation rate for other provinces was as follows:
Monthly changes in prices of some selected products between the months of September 2016 and October 2016 were as shown below:
Zambia recorded a trade deficit in September 2016 valued at K 998.8 million from K 705.2 million recorded in September 2016.
The country imported more in September 2016 than it exported in nominal terms.
The following countries were Zambia’s major export destinations in September 2016:
These five countries collectively accounted for 69.7 percent of Zambia’s total export earnings in the month of September 2016.
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