The annual rate of inflation has leaped to 8.3 per cent, up from 7.9 per cent recorded in September, the highest on record this year so far, according to Central Statistical Office data.
Announcing Zambia’s annual rate of inflation for the month of October, CSO acting director of census and statistics Goodson Sinyenga said the rise in inflation this month was largely attributable to price movements in fuel, lubricants and motor vehicles.
“The year-on-year inflation rate as measured by the all items Consumer Price Index (CPI) for October, 2018, increased to 8.3 per cent from 7.9 per cent recorded in September, 2018. This means that on average, prices of goods and services increased by 8.3 per cent between October, 2017, and October, 2018,” Sinyenga told journalists in Lusaka, Thursday.
“The increase in the annual rate of inflation is mainly attributed to purchase of vehicles, fuels and lubricants (diesel and petrol), passenger transport by air (Lusaka/London via Dubai) and liquid fuels such as kerosene.”
According to Sinyenga, food and non-alcoholic beverages accounted for 4.3 percentage points, while non-food items accounted for a total of 4.0 percentage points.
CSO data reveals that Zambia’s annual rate of inflation of 8.3 per cent recorded this month is the highest on record since November, 2016, when inflation was at 8.8 per cent from 12.5 per cent in October, 2016, before it dropped to close 2016 at 7.5 per cent.
Zambia’s annual rate of inflation has again exceeded the Bank of Zambia’s targeted corridor of 6-8 per cent forecast for the short-to-medium term for the second time this year following the 8.1 per cent recorded in August, 2018.