The Zambia Statistics Agency says the annual inflation rate for the month of May 2020 has increased to 16.6% from 15.7% in April 2020.

According to Interim Statistician-General Mulenga Musepa, the increase in the annual rate of inflation was mainly attributed to price increases in both Food and Non- food items.

Mr Musepa disclosed that Food inflation increased to 17.5% from 17.0% attributing this increase to increases in prices of food items such as Fish, Meats and Oils & Fats and Other foods.

“The year-on-year non-food inflation rate for May 2020 was recorded at 15.5 per cent compared to 14.2 per cent recorded in April 2020, indicating an increase of 1.3 percentage points. This increase was mainly attributed to price changes in items such as Charcoal, Household Textiles.” He said.

Meanwhile, Mr Musepa disclosed that the country also recorded a Trade Surplus of K2,231.6 million for the Month of April 2020 from a surplus of K359.4 million recorded last month representing a 521 per cent increase.

The Interim Statistician General said exports which mainly comprise of domestically produced goods increased by 4.7 per cent from K8, 530.2 million to K8, 929.5 million in April.

“Exports mainly increased due to a 7.6% increase in Intermediate goods exports earnings to K7, 718.7 million from K7, 175.7 million in March. 2020.” He explained.

He further disclosed that imports decreased by 18.0 per cent from K8, 170.8 million in March 2020 to K6, 697.9 million which is mainly as a result of a 45.2 per cent and 20.3 per cent decrease in imports of Consumer goods and Intermediate goods