Inflation soars to 7.4%

The annual rate of inflation has marginally increased to 7.4 per cent, up from 7.1 per cent recorded in March, according to Central Statistical Office data.

Announcing Zambia’s annual rate of inflation for the month of April, CSO acting director of census and statistics, Goodson Sinyenga, said the incremental rise in inflation this month was largely attributable to price movements in food.

“The year-on-year inflation rate as measured by the all items Consumer Price Index (CPI) for April 2018 increased to 7.4 per cent compared to 7.1 per cent recorded in March, 2018. This means that on average, prices of goods and services increased by 7.4 per cent between April, 2017 and April, 2018. The increase in the annual rate of inflation was attributed to price movements in food,” Sinyenga told journalists in Lusaka, Thursday.

According to CSO data, food and non-alcoholic beverages accounted for 3.5 percentage points, while non-food items accounted for a total of 3.9 percentage points.

The annual rate of inflation has been rising steadily since February, hitting a record-high of 7.4 per cent, the highest so far in over a year.

         

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