Categories: Editor's Picks

April Inflation rises to 10.2%, with Lusaka Province at 11.6%

• Overall annual rate of inflation for April 2023 increased to 10.2 percent from 9.9 percent recorded in March 2023.
• The rise is attributed to the increase in prices of selected non-food items.
• Lusaka Province recorded the highest annual inflation rate at 11.6 percent.

Zambia Statistics Agency (ZamStats) has disclosed that Lusaka Province recorded the highest annual inflation rate at 11.6 percent in April 2023, while Southern region was the lowest at 8.3 percent.
Speaking during the dissemination of the April monthly statistics bulletin, Agency Statistician General Mulenga Musepa revealed that overall annual rate of inflation for April 2023 increased to 10.2 percent from 9.9 percent recorded in March 2023.
Mr. Musepa attributed the increase to a rise in prices of selected non-food items such as purchase of motor vehicles, dining suites, carpets, blankets and stoves which rose to 1 percent from 0.9 percent in March.
He noted that overall monthly inflation eased to 0.9 percent from 1 percent in March.
“Annual food inflation for April 2023 was recorded at 11.6 percent compared to11.8 percent in the previous month. This outturn was mainly attributed to price movements in fish, fruits, cooking oil and live chicken.”
“The annual non-food inflation for April 2023 increased to 8.3 percent from 7.3 percent in March 2023. This outturn was mainly attributed to increases in prices of non-food items such as Household appliances like refrigerator, Stove and cooker and Purchase of Motor vehicles,” Mr. Musepa explained.
Mr. Musepa further revealed that transport costs increased by 14.0 percent between April 2022 and April 2023, lower than 4.9 percent recorded in April 2022 but higher than 8.6 percent recorded in March 2023.
“Of the overall 10.2 percent annual inflation, Lusaka province contributed the highest at 3.4 percentage points followed by Copperbelt and Central provinces at 1.9 and 1.0 percentage points, respectively. Eastern and Southern provinces contributed 0.9 percentage points each, while North-western province had the lowest contribution of 0.3 percentage point.”
Meanwhile, Mr. Musepa disclosed that Zambia recorded a trade deficit of K2.8 billion in March 2023 compared to a surplus of K2.8 billion in February 2023.
He said exports mainly comprising domestically produced goods, decreased by 5.8 percent to K17 billion in March 2023 from K18.1 billion in February 2023, mainly due to 8.3 and 5.2 percent decreases in export earnings from intermediate goods and raw materials, respectively.
“Imports increased by 29.3 percent to K19.8 billion in March 2023 from K15.3 billion in February 2023, mainly as a result of 44.3, 23.5, 90.1 and 11.0 percent increases in import bills of, Capital goods, Intermediate goods, Raw Materials and Consumer goods, respectively.
“The total value of exports via all modes of transport for the period January to March 2023 was K56.1 billion. Road transport accounted for the highest at K30.9 billion representing 55.1 percent share. Rail transport was second at K1.3 billion representing 2.4 percent while Air transport was third accounting for K 1.1 billion 1.9 percent. Other modes of transport accounted for K22.7 billion 40.5 percent,” he stated.

More From Author

World Bank urges Zambia to capture other benefits beyond mining sector

• World Bank is committed to supporting African countries to translate Africa’s mineral wealth into…

Read More

Kwacha gains should benefit consumers – BuyZed

• This is to ensure that consumers begin to enjoy what is produced locally.• Manufactures…

Read More

SEC attributes decline in Q4 bond trades to delayed debt restructuring process

• One of the challenges is to do with the delays in finalizing the debt…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

IZB profit up 18.74% to K604.33 million

IZB has posted a K604.33 million Net Profit after tax for the year ended 31st…

Read More

Indo Zambia Bank declares K50 million dividend cheque

This is part of the K125 million dividend, the highest ever for 2023 financial year.…

Read More

Economist expects currency to hit K15 between April, December, 2024

  The Kwacha has been experiencing an unusual decline since introduction of the Export Proceeds…

Read More