The Zambia Inflation Rate For October 2011 Reduced From 8.8 Percent To 8.7 Percent
The Zambia Inflation rate for October 2011 slowed to 8.7 percent from 8.8 percent reported in September 2011, the Central Statistics Office announced on 27th October 2011.
The acting director of Central Statistics Office, Mr. John Kalumbi who announced the October 2011 Zambian inflation rate said the reduction in the rate was due to some reduction in some food and non-food items.
John Kalumbi said, the annual inflation rate reduced for food, beverages, tobacco, clothing, footwear, household fuel and lighting between September 2011 and October 2011. However, in the same period it increased for transport and communication.
Composition of the 8.7 percent Annual Inflation Rate
Food products accounted for 2.7 percentage points, while non-food product accounted for 6.0 percentage points.
Movement In Some Selected Retail Prices
The movement of some selected retail prices from September 2011 to October 2011 were as follows:
- 1 kg tomatoes reduced from K 4,261 to K 4,002
- 1 kg of rape vegetables reduced from K 2,690 to K 2,537
- 25 kg of white roller mealie meal increased from K 34,085 to K 34,855
- A 20 litre tin of maize grain increased from K 18, 440 to K 18, 898
Kalumbi said the effect of the fuel price reduction in the month of October 2011 was not captured in October 2011 but was going to be reflected in the November 2011 Consumer Price Index.
The country's inflation target for the year 2011 is 7 percent. With only two months to go, will the Zambia inflation rate target be met?
The economic commentator and immediate past national secretary of the Economic Association of Zambia (EAZ), Mr. Chibamba Kanyama, does not think so.
Here is what he had to say on the matter:
"The country will certainly not attain the seven percent projected drop in inflation. However, the benefit of the reduction in the fuel price will be translated in companies not arbitrarily increase the cost of goods and services in coming few months given that the fuel is a significant cost driver in the production process. The inflation rate is also dependent on the food prices towards the end of the year. Traditionally, the post-harvest period slows down inflation, but only temporarily."
And commenting on the impact the Food Reserve Agency (FRA) has on the Zambia inflation rate, he said:
"As at now, much of the food is yet to be collected from rural depots and this has signalled high levels of uncertainty on food stocks going forward. However, given that there have been some administration and operational re-alignments in the organisation, food prices will not have a huge negative impact on the general price level as we conclude the year. Prices will not reduce but will rather stay the same and this implies the inflation rate will not be driven down to lower levels."
Trade Surplus In the Month of September 2011
The country recorded a trade surplus of K 1,179 billion an increase from K 884.2 billion recorded in August 2011.
Mr. Kalumbi said the country's major export destinations which accounted for 60.6 percent of the total exports were:
- Switzerland - 23.1%
- China - 12.9%
- South Africa - 8.8%
- Congo DR - 8.4%
- United Kingdom - 7.4%
The major import products accounting for 15.3 percent were intermediate goods (39%), capital goods(25.3%) raw materials (20.9%) and consumer goods (14.8%). These came from South Africa, Congo DR, China, India and the United Arab Emirates.
Mr. Kalumbi also announced the status of poverty levels for the period from 2006 to 2010 as follows:
- Luapula province increased from 73.9 percent to 80.5 percent
- Central province reduced from 70.7 percent to 60.9 percent
- Lusaka province reduced from 24.7 percent to 24.4 percent
Other Related Pages on The Zambia Inflation
Zambian Inflation Figures For 2011
Zambian Inflation Figures For 2010
Zambia Inflation Figures For 2009
Zambian Inflation Figures For 2008
Zambia Inflation Rate To Zambian Inflation
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