The annual rate of inflation has leaped to 8.6 per cent in June, up from 8.1 per cent recorded in May, the highest on record this year so far, according to Central Statistical Office (CSO) data.

Announcing Zambia’s annual rate of inflation for the month of June, CSO acting director of census and statistics Iven Sikanyiti said the rise in inflation this month was largely attributable to the huge price movements in the food annual inflation compared to non-food items.

“The year-on-year inflation rate as measured by the all items Consumer Price Index (CPI) for June, 2019, increased to 8.6 per cent from 8.1 per cent recorded in May, 2019. This means that on average, prices of goods and services increased by 8.6 per cent between June, 2018, and May, 2019,” Sikanyiti told journalists, Friday.

“The increase in the food annual inflation rate was mainly attributed to price movements of food items, such as fresh and dried bream fish, Buka Buka fish, fresh and dried kapenta and cooking oil. The increase in the non-food annual inflation rate was mainly attributed to price movements of non-food items, such as purchase of motor vehicles.”

According to Sikanyiti, food and non-alcoholic beverages accounted for 4.9 percentage points, while non-food items accounted for a total of 3.7 percentage points.

CSO data reveals that Zambia’s annual rate of inflation of 8.6 per cent recorded in June 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.

Zambia’s annual rate of inflation has again breached the Bank of Zambia’s (BoZ) targeted corridor of 6-8 per cent forecast for the short-to-medium-term for the second time this year following the 8.1 per cent recorded in May, 2019.