The August 2016 Zambia annual inflation rate declined to 19.6 percent from 20.2 percent recorded in July 2016.
There was a reduction in prices of food items like Cassava meal, Rape vegetables, Sorghum, Samp, Local rice, Dried Bream and Frozen fish.
Similarly, there was a reduction as well in the August 2016 annual non-food inflation rate. Statistics released by the Zambian Statistical Office in Lusaka shows reductions in prices of products like charcoal, bicycles and motor vehicles.
August 2016 is the sixth month the Zambian annual inflation rate has recorded a reduction. The first month to record a reduction was March 2016 when the annual inflation rate stood at 22.2 percent.
Food products accounted for 12.4 percentage points of the total 19.6 percent annual inflation rate while the difference of 7.2 percentage points was for non-food products.
Changes in prices of some selected products between the months of July 2016 and August 2016 were as shown below:
On provincial level, Lusaka province contributed the most to the overall annual rate of inflation with 5.9 percentage points while the Western province contributed the least with 0.7 percentage points.
The other provinces contributed the following percentage points:
The country imported more than it exported in July 2016 resulting in a trade deficit valued at K 473.9 million. This was an increase of 33.3 percent from K 355.4 million recorded in June 2016.
The following countries were Zambia’s major export destinations in July 2016:
These five countries collectively accounted for 78.7 percent of Zambia’s total export earnings in the month of July 2016.
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August 2016 Zambia Annual Inflation Rate > Zambian Inflation