Business

Inflation rate drops to 19.3%

Inflation in newspapers

KABANDA CHULU, Lusaka
FAVOURABLE price movements in both food and non-food items are the major factors attributed to the decline in Zambia’s inflation rate from 21.1 percent in October this year to 19.3 percent this month. And export earnings from refined copper last month marginally decreased by 0.1 percentage point to K11.75 billion from K11.76 billion in September 2021. The country further recorded a 3.8 percent decline in total trade in October to K26.6 billion from K27.7 billion in September this year. The reduction in the annual rate of inflation means that on average, prices of goods and services increased by 19.3 percent between November 2020 and November this year.
Presenting findings of the monthly statistical bulletin yesterday, Zambia Statistics Agency interim statistician general Mulenga Musepa said the decrease in the annual rate of inflation was mainly attributed to a general downward trend in price movements of both food and non-food items. Mr Musepa said food inflation decreased to 25.4 percent from 28.1 percent in October. “This is mainly due to price decreases in food items such as cereals [breakfast mealie meal, roller mealie meal, maize grain, wheat plain household flour, bread flour imported, sorghum, millet meal], meats [offals, pork chops, chicken live], fish products such as frozen fish, buka buka, dried kapenta and vegetables [sweet potato leaves, okra, cabbage, maize cob, onion, carrot, dried beans] and sugar,” he said. Mr Musepa said non-food inflation decreased to 12.2 percent from 13.2 percent in October. “This is largely due to decreases in prices of major household appliances such CLICK TO READ MORE


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