• Annual Inflation rate for the month of February 2023 has increased to 9.6 percent from 9.4 percent recorded in January, 2022.
• This means that on average, prices of goods and services increased by 9.6 percent between February 2022 and February 2023.
• Of the overall 9.6 percent annual inflation, the Food and Non-alcoholic beverages group contributed 6.6 percentage points
Zambia Statistics Agency (ZAMSTATS) has revealed that Annual Inflation rate for the month of February 2023 has increased to 9.6 percent from 9.4 percent recorded in January, 2022.
Speaking during a media briefing, Agency Interim Statistician General Mulenga Musepa says this means that on average, prices of goods and services increased by 9.6 percent between February 2022 and February 2023.
Mr. Musepa stated that the development was mainly attributed to an increase in prices of selected non-food items such as fuel.
He added that of the overall 9.6 percent annual inflation, the Food and Non-alcoholic beverages group contributed 6.6 percentage points, while the Non-food group accounted for 3.0 percentage points.
“Monthly food inflation for February 2023 was recorded at 2.0 percent, a fall from 2.8 percent in January 2023. This development was mainly attributed to general price movements for Milk Products, Fruits, and Vegetables, “he said.
“Monthly non-food inflation for February 2023 was recorded at 1.9 percent an increase from 1.1 percent recorded in January 2023. This outturn was mainly attributed to increases in prices of items such as Fuels & lubricants such as Diesel, Petrol, Lubricants; Purchase of motor vehicles and Charcoal,” he added.
Mr. Musepa further said a disaggregation of the annual inflation by province shows that the annual inflation during the month under review which is February, increased for Copperbelt 9.5% from 9.0%; Eastern to 10.0% from 9.0%; Luapula 12.1% from 11.4%; Lusaka 10.5% from 10.4 among other provinces.
“Lusaka province contributed the highest at 3.0 percentage points while Copperbelt province contributed 2.0 percentage points to the overall annual inflation of 9.6 percent in the month under review. Eastern province contributed 0.9 percentage points, while North-western and Western provinces had the lowest contribution of 0.4 percentage points each,” he added.
Meanwhile, Mr. Musepa revealed that on a monthly basis, retail prices between January 2023 and February 2023 showed that the national average price of a 25 kg bag of Breakfast Mealie Meal increased by 8.48 percent from K181.46 to K 196.84.
He said the price of a 25 kg bag of Roller Mealie Meal increased by 9.85 percent to K162.78 from K148.19.