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Annual Inflation rise to 9.9 percent

• Monthly food inflation recorded a decline to 1 percent.
• Zambia records trade surplus of K2.8 billion.
• Zambia’s Economy grew by 5.6 percent in Fourth Quarter of 2022.

Zambia Statistics Agency (ZAMSTATS) has disclosed an Increase in Annual Inflation rate for the Month of March 2023 to 9.9 percent from 9.6 percent recorded in February 2023.

Zamstats Interim Statistician General Mulenga Musepa during the Monthly dissemination meeting said Annual Food Inflation rose to 11.8 % on Cereals, Meat, Vegetables, Cooking Oil and Eggs.

Mr. Musepa noted Annual Non-food inflation rose to 7.3% on passenger transport by road and air, and purchase of motor cars.

He however said monthly food inflation has recorded a decline to 1 percent from 1.9 percent recorded in February following 1.1% drop on food and 0.9% drop on Non-food inflation.

Mr. Musepa added that Zambia recorded a trade surplus of K2.8 billion compared to K6.1 billion.

“The country recorded a trade surplus of K2.8 billion in February 2023 compared to a surplus of K6.1 billion in January 2023.”

He said exports decreased by 13.8 percent to K18.1 billion from K21 Billion was mainly on account of a 10.7, 33.0, 22.5 and 47.4 percent decrease in export earnings from Intermediate goods, Raw Materials, Consumer goods and Capital goods, respectively.

The Interim Statistician General however explained that Imports increased by 2.7 percent to K15.3 billion in February 2023 from K14.9 billion in January 2023 mainly as a result of 33.2, 4.0 and 5.3 percent increases in import bills of, Capital goods Consumer goods and Raw Materials, respectively.

Meanwhile, Mr. Musepa has disclosed that Zambia’s Economy grew by 5.6 percent in the Fourth Quarter of 2022.

He said this represented a 0.1 percentage points growth compared to the corresponding period of 2021 based on the year-on-year comparison of GDP at constant 2010 prices.

“The growth recorded in the fourth quarter of 2022 was mainly attributed to the positive performance of five industries which posted positive contributions to overall growth. These were Education (1.6%), Transportation & storage (1.5%), Information & communication (1.3%), Financial & insurance (0.6%) and Wholesale & retail trade (0.5%).

He said “industries that posted the negative contributions to the Fourth Quarter growth were the Construction (-0.7), Mining &quarrying (-0.4), other service activities (-0.2) and Public administration (-0.1).”

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