The annual rate of inflation has again shot up to 7.8 per cent, from 7.4 per cent recorded in June, according to Central Statistical Office data.

Announcing Zambia’s annual rate of inflation for the month of July, CSO acting director of census and statistics Goodson Sinyenga said the rise in inflation this month was largely attributable to price movements in both food and non-food items such as meat, bread and air fares, among others.

“The year-on-year inflation rate as measured by the all items Consumer Price Index (CPI) for July 2018 increased to 7.8 per cent from 7.4 per cent recorded in June, 2018. This means that on average, prices of goods and services increased by 7.8 per cent between July 2017 and July 2018,” Sinyenga told journalists at Mulungushi International Conference Centre (MICC) in Lusaka, Friday.

“The increase in the annual rate of inflation is mainly attributed to both food and non-food items such as meat, bread, rice and fruits, purchase of motor vehicles and air fares.”

According to Sinyenga, food and non-alcoholic beverages accounted for 4.3 percentage points, while non-food items accounted for a total of 3.5 percentage points.

CSO data reveals that Zambia’s annual rate of inflation of 7.8 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.

After reducing to 7.4 per cent last month, the annual rate of inflation recorded this month has returned back to the 7.8 per cent level recorded in May, 2018.

Although climbing back to this level, Zambia’s annual rate of inflation so far remains within the Bank of Zambia’s targeted corridor of 6-8 per cent forecast for the short-to-medium term.