The annual rate of inflation has leaped to 8.8 per cent in July, up from 8.6 per cent recorded in June, the highest on record since November, 2016, according to Central Statistical Office (CSO) 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, notably significant price increases in mealie meal.
“The year-on-year inflation rate as measured by the all items Consumer Price Index (CPI) for July, 2019, increased to 8.8 per cent from 8.6 per cent recorded in June, 2019. This means that on average, prices of goods and services increased by 8.8 per cent between July, 2018, and July, 2019,” Sinyenga told journalists in Lusaka, Thursday.
“The increase in the annual rate of inflation was mainly attributed to both food and non-food items price movements. The increase in the food annual rate of inflation was mainly attributed to price increase in products, such as breakfast meal, roller meal, maize grain, samp, bread, bun and imported rice. The increase in the non-food annual inflation rate was mainly attributed to price changes in clothing items.”
According to Sinyenga, food and non-alcoholic beverages accounted for 4.9 percentage points, while non-food items accounted for a total of 3.9 percentage points.
CSO data reveals that Zambia’s annual rate of inflation of 8.8 per cent recorded in July 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 remains above the Bank of Zambia’s (BoZ) targeted corridor of 6-8 per cent.