TRYNESS MBALE, Lusaka
ZAMBIA has recorded a reduction in the annual inflation rate to 7.4 percent this month from 7.7 percent last month due to reduction in the price of alcoholic beverages, tobacco and housing.
Central Statistical Office (CSO) acting director of census and statistics Goodson Sinyenga said the annual rate of inflation for non-food items decreased to 7.3 percent this month from eight percent last month.
Mr Sinyenga said at a monthly briefing yesterday that of the total 7.4 percent, food and non-alcoholic beverage products accounted for 3.9 percentage points while non-food products accounted for 3.5 percentage points.
â€œThe annual rate of inflation, as measured by the all-items consumer price index (CPI) for February, 2015, was recorded at 7.4 percent compared to 7.7 percent recorded in January, 2015. This means that on average, prices decreased by 7.4 percent between February 2014 and February 2015,â€ he said.
He, however, said the annual food inflation rate for February was recorded at 7.6 percent compared to 7.4 percent recorded last month, representing an increase of 0.2 percentage point.
Mr Sinyenga said a comparison of retail prices between January and February shows that the national average price of a 25 kilogramme bag of breakfast mealie-meal increased to K71 from K70.69 while roller meal was raised to K54.62 from K52.9.
Meanwhile, Zambia has recorded a trade deficit valued at K113.7 million in January from a trade deficit of K72.7 million in December last year due to the increase in imports compared to exports.
He said Zambiaâ€™s major export products in January were from intermediate goods category comprising copper cathodes and sections of refined copper.
Other exports were from the consumer goods, raw materials and capital goods categories which collectively accounted for 15.4 percent of total exports last month.
â€œZambia recorded a trade deficit valued at K113.7 million in January 2015 from a trade deficit of K72.7 million in December 2014. This means that the country imported more in January 2015 than it exported in nominal terms,â€ he said.
TRYNESS MBALE, Lusaka