The annual rate of inflation again reduced to 7.5 per cent for March, 2019, triggered by reduced fuel and lubricant prices, according to Central Statistical Office (CSO) data.
Announcing Zambia’s annual rate of inflation for the month of March, CSO acting director of census and statistics Goodson Sinyenga said that fuel and lubricant price reductions had been the main contributing factors in lowering inflation to 7.5 per cent this month from 7.8 per cent recorded last month, the country’s lowest level since June last year.
The Energy Regulation Board (ERB) slashed fuel prices by an average K1 on February 28.
“The year-on-year inflation rate as measured by the all items Consumer Price Index (CPI) for March 2019 decreased to 7.5 per cent from 7.8 recorded in February 2019.This means that on average, prices of goods and services increased by 7.5 per cent between March 2018 and March 2019,” Sinyenga told journalists in Lusaka, Thursday.
Sinyenga noted that transportation contributed the highest non-food item on a year-on-year comparison between March, 2018, and March, 2019, of 0.9 percentage points followed by housing, water and electricity, among others.
“Of the total 7.5 per cent annual inflation rate recorded in March, 2019, food and non-alcoholic beverages accounted for 4.3 percentage points, while non-food items accounted for a total of 3.2 percentage points. Of the 3.2 percentage points, transport contributed the highest at 0.9 percentage point followed by housing, water, electricity, gas and other fuels that contributed 0.7, health; communications and; restaurants and hotels accounted for the least at 0.0 percentage points each.”