The September 2016 Zambian inflation rate declined to 18.9 percent from 19.6 percent recorded in August 2016. The Decrease in the September 2016 annual rate of inflation was attributed to decreases in both prices for food and non-food items.
The reduction in prices was observed in the following food items; Bread, Bun, Cooking oil, Tomato and Table salt.
The reduction in prices in this sector was mainly attributed to decreases in prices of motor vehicles.
Food and non-alcoholic products accounted for 12.0 percentage points of the total 18.9 percent annual inflation rate while the difference of 6.9 percentage points was for non-food products.
September 2016 is the seventh month since the Zambian annual inflation rate has been going down in this year of 2016. The first month to record a reduction was March 2016. The reduction in the Zambian annual inflation rates from March 2016 to August 2016 were as follows:
The year-end Zambian inflation target for 2016, financial year ending December 2016, was budgeted at 7.7 percent. Is this going to be met? It remains to be seen.
Lusaka had the highest contribution at 5.6 percent, whereas Western province had the lowest at 0.7 percent. Other provinces recorded as follows:
Monthly changes in prices of some selected products between the months of August 2016 and September 2016 were as shown below:
Zambia recorded a trade deficit in August 2016 valued at K 708.7 Million from K 476.1 Million recorded in July 2016.
The country imported more in August 2016 than it exported in nominal terms.
The following countries were Zambia’s major export destinations in August 2016:
These five countries collectively accounted for 75.1 percent of Zambia’s total export earnings in the month of August 2016.
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September 2016 Zambian Inflation Rate > Zambian Inflation