According to the Central Statistical Office (CSO), the annual rate of inflation for November 2018 has reduced to 7.8 percent from 8.3 percent recorded in October.

CSO acting director of Census and statistics Goodson Sinyenga attributed the decrease to an increase in vehicles purchased and an increase in passengers transport by air to London via Dubai.

“The year-on-year inflation rate as measured by the all items Consumer Price Index (CPI) for November 2018, decreased to 7.8 per cent from 8.3 per cent recorded in October 2018. This means that on average, prices of goods and services increased by 7.8 per cent between November 2017, and November, 2018,” Sinyenga explained in Lusaka, Thursday.

“The year on year annual food inflation rate for November was recorded at 8.4 percent compared to to 8.3 percent recorded in October 2018, indicating an increase of 0.1 percentage points. The increase is mainly attributed to price changes of breakfast mealie meal, roller meal, maize grain, meats (brisket, fillet and rump steak), live chicken, dried kapenta and dried fish. The year on year non-food inflation rate for November 2018 was recorded at 7.0 percent from 8.3 percent recorded in October 2018 indicating a decrease of 1.3 percentage points. The decrease in the non-food inflation was mainly attributed to purchase of vehicles; passengers transport by air (Lusaka/London via Dubai).”

Sinyenga also said Zambia’s trade deficit increased to 53.7 percent from K1,750 million recorded in September 2018 to K2,691 million recorded in October 2018.

“Zambia’s trade deficit increased to 53.7 percent from K1,750 million recorded in September 2018 to K2,691 million recorded in October 2018. This trade deficit means that the country imported more that it exported in nominal terms. Imports increased by 20 percent from K9, 243 million in September 2018 to K11, 095 million in October 2018. This increase is mainly attributed to the increase in the imports of consumer goods,” stated Sinyenga.