The annual rate of inflation has shot up to 7.8 per cent, up from 7.4 per cent recorded in April, according to Central Statistical Office data.
Announcing Zambia’s annual rate of inflation for the month of May, CSO acting director of census and statistics, Goodson Sinyenga, said the rise in inflation last month was largely attributable to price movements in food and transport.
“The year-on-year inflation rate as measured by the all items Consumer Price Index (CPI) for May 2018 Increased to 7.8 per cent compared to 7.4 per cent recorded in April 2018. This means that on average, prices of goods and services increased by 7.8 per cent between May 2017 and May 2018,” Sinyenga told journalists in Lusaka yesterday.
“The increase in the annual rate of inflation was attributed to price movements in food and transport. Foods such as breakfast mealie-meal, rice imported and bread; and for transport motor vehicles.”
According to Sinyenga, food and non-alcoholic beverages accounted for 3.7 percentage points, while non-food items accounted for a total of 4.1 percentage points.
CSO data reveals that Zambia’s annual rate of inflation of 7.8 per cent recorded in May 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.