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August 2019 Inflation rate increases to 9.3 percent.

The annual rate of inflation as measured by all items price index for the month of August 2019 has increased to 9.3 percent from 8.8 percent record in July 2019.
Addressing the media in Lusaka, Central Statistical Office Assistance Director Social Statistics Iven Sikanyiti attributed the increase in the inflation rate to the increase in the food annual rate of inflation.
Mr Sikanyiti said the increase in the food annual rate of inflation is mainly attributed to price increase in food items such as breakfast meal, Roller meal, Maize grain and local rice.
He said the year on year annual food inflation rate for August 2019 was recorded at 10.3 Percent increase compared to 9.3 percent that recorded in July indicating an increase of 1. 0 percentage point.
“An increase in the food annual rate was mainly attributed to price movements of food items such as breakfast mealie meal, Roller mealie Meal and Maize grain and local rice” Mr Sikanyiti said.
He added that the year on year annual non food inflation rate for August 2019 was recorded at 8.3 percent maintaining the same percentage as in July 2019.
“This means that on average prices of on non-food items increased by 8.3 percent between August 2018 and August 2019.
Mr Sikanyiti says that Zambia’s trade deficit increased by 27.0 percent from K619.0 million in June 2019 to K786.2 million in July 2019.
“Although a decline was observed in both imports and exports the decline in exports outweighed that if imports” Mr Sikanyiti said.
Exports decreased by 15.0 percent from K7,993.1 million in June 2019 to K6,795.4 million in July 2019.
The decrease was mainly attributed to the 15.9 percent and 19.8 percent in export earnings of intermediate good and consumer goods respectively.

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