The annual rate of inflation has marginally increased to 7.9 per cent, up from 7.8 per cent recorded in November, the third highest this year, according to Central Statistical Office (CSO) data.

Announcing Zambia’s annual rate of inflation for the month of December, CSO acting director of census and statistics Goodson Sinyenga said the marginal rise in inflation this month was mainly attributed to non-food items, such as household furniture, among others.

“The year-on-year inflation rate as measured by the all items Consumer Price Index (CPI) for December, 2018, increased to 7.9 per cent from 7.8 per cent recorded in November, 2018. This means that on average, prices of goods and services increased by 7.9 per cent between December, 2017, and December, 2018,” Sinyenga told journalists in Lusaka, Thursday.

“The increase in the annual rate of inflation is mainly attributed to non-food items, such as household furniture & furnishings and transport (domestic and regional airfare).

According to Sinyenga, food and non-alcoholic beverages accounted for 4.3 percentage points, while non-food items accounted for a total of 3.6 percentage points.

CSO data reveals that Zambia’s annual rate of inflation of 7.9 per cent recorded this month was the third highest in 2018, but closed the year within the Bank of Zambia’s targeted corridor of 6-8 per cent forecast for the short-to-medium-term.