August 2015 Zambian Inflation Rate Shoots To 7.3 Per cent!

The August 2015 Zambian inflation rate increased to 7.3 per cent, from 7.1 per cent recorded in July 2015.

The increase in the inflation rate in August 2015 was mainly attributed to the rising of inflation in the transport sector.

August 2015 Zambian Inflation

Mr John Kalumbi, director of census and statistics said that with continued power outages, the country is facing, producers will likely reduce production and the country would record further rises in inflation.

Annual Food And Non-Food Inflation Rates

The annual food inflation rate for August was recorded at 7.8 per cent, just like that for July 2015. However, the non-food inflation rate increased from 6.2 per cent in July 2015 to 6.7 per cent in August 2015. This was mainly attributed to increases of prices of petrol and diesel, road transport fares and car licence fees.

The composition of 7.3 % Annual Inflation Rate

Food and non-alcoholic beverage products accounted for 4.0 percentage points while non-food products accounted for 3.3 percentage points, thereby making up the total of 7.3 %.

Provincial Contribution To The Overall Inflation

The highest contributor was Lusaka province at 2.3 percentage points. Copperbelt was the second at 1.6 percentage points. Western province had the lowest contribution at 0.2 percentage points.

The following is a list by provincial contribution in percentages:

  • Central                    - 0.8                   
  • Copperbelt              - 1.6
  • Eastern                    - 0.5
  • Luapula                   - 0.4
  • Lusaka                    - 2.3
  • Northern/Muchinga  - 0.4
  • North-Western         - 0.3
  • Southern                  - 0.8
  • Western                   - 0.2

Total                                7.3

Average Prices For Selected Products

A comparison of retail prices between July 2015 and August 2015 were as follows:

  • 25 kg bag of breakfast mealie-meal from – K 69.02 to K 68.90
  • 50 Kg bag of cement – from K 79.55 to K 74.23
  • 25 kg bag of roller mealie meal – from K 52.30 to K 52.91
  • 1 Litre of petrol – from K 8.76 to K 9.88

Zambia Trade Deficit

Zambia recorded a trade deficit of K 958.3 million in month of July 2015 from a trade deficit of K 1,293.1 million recorded in June 2015.This means that the country imported more in July 2015 than it exported in nominal terms.

In the current financial year, the highest trade deficit was valued at K 1,293.1 million in June 2015 and the lowest was recorded in January 2015 valued at  K 52.6 million.

Zambia’s Major Export Destinations

The major export destinations in July 2015 were as follows:

  • Switzerland – accounting for 53.7%
  • China – accounting for 15.0%
  • Congo DR – accounting for 6.8%
  • South Africa – accounting for 4.5%
  • Singapore – accounting for 4.4%

The above countries accounted for 84.4 per cent of Zambia’s total export earnings in July 2015.

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