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Zambia's Inflation Slows 9.8%

  • ·        Price movements of selected food items.

 

Zambia has recorded a slowdown in Annual Inflation for June 2023 to 9.8 percent from 9.9 percent recorded in May, 2023.

 

This means that on average, prices of goods and services increased by 9.8 percent between June 2022 and June 2023, Zambia Statistics Agency (ZAMSTATS) Statistician General Mulenga Musepa has said.

 

Mr. Musepa attributed the development mainly to price movements of selected food items.

 


Annual food inflation for June 2023 was recorded at 11.2 percent compared to 11.6 percent in the previous month mainly attributed to price movements in Cereals, Meat Milk (i.e. Fresh Milk Super Milk, Vegetables Cooking oil and live chicken.

 

However, the annual non-food inflation for June 2023 increased to 7.8 percent from 7.6 percent in May 2023 mainly attributed to increases in prices of non-food items such as Purchase of Motor Vehicles, Passenger transport by air, Accommodation services Bed, Restaurant and Hotel services.

 

Of the overall 9.8 percent annual inflation, the Food and Non-alcoholic beverages group contributed 6.5 percentage points, while the Non-food group accounted for 3.3 percentage points.

 

The Statistician general during the June 2023 Monthly dissemination narrated that Of the 3.3 percentage points, Housing, water, electricity, gas and other fuels contributed the highest at 1.0 percentage points followed by Transport and Clothing & footwear at 0.8 and 0.5 percentage points, respectively.

 

“The rest of the Non-Food group accounted for the remaining 1.0 percentage points” he added.

 

On a Provincial Scale, a disaggregation of the annual inflation by province shows that the annual inflation during the month under review increased for Central 9.8% from 8.9%, Eastern 11.1% from 10.8%, Luapula 11.5% from 11.1% and Northern 11.0% from 10.9%.

 

Annual inflation slowed down for Copper belt 7.4% from 7.8%, Lusaka 11.1% from 11.2%, North-western 10.1% from 10.5%, Southern 7.9% from 8.6%  and Western 10.5% from 10.9.


“Of the overall 9.8 percent annual inflation, Lusaka province contributed the highest at 3.2 percentage points followed by Copper belt province at 1.6 percentage points. Central and Eastern provinces contributed 1.0 percentage points each, while North-western province had the lowest contribution of 0.3 percentage points.”

 

Meanwhile, ZAMSTATS reveals the overall monthly inflation in June 2023 was recorded at 0.8 percent compared with 0.6 percent recorded in the previous month mainly attributed to price increases selected in both Food and Non-food items.


 

“Monthly food inflation for June 2023 and May 2023 remained the same at 0.9 percent” attributed to general price movements for Bread and Cereals, Meats, Vegetables.

 

However Monthly non-food inflation for June 2023 was recorded at 0.7 percent compared with 0.2 percent in May 2023 attributed to increases in prices of items such as, Purchase of motor vehicles, Pharmaceuticals Products, Air Fare Domestic and Air Fare Regional.


By Best Jerehttps://zm.linkedin.com/in/best-jere-2b3077123

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