• On average, prices of goods and services increased by 9.9 percent between December 2021 and December 2022.
• This development was mainly attributed to movements in prices of non-food items.
• Annual food inflation for December 2022 was recorded at 11.9 percent down from 2.1 percent in November 2022.

Zambia Statistics Agency (ZamStats) has disclosed that the annual rate of inflation for December 2022 has increased by 0.1 percent to 9.9% from 9.8% recorded last month.
Speaking during the monthly dissemination bulletin, Agency Interim Statistician General Mulenga Musepa attributed the increase in inflation rate to price increments in fuel and lubricants, as well as purchase of motor vehicles.
Mr. Musepa said the inflation on non-food products recorded at 1.1% in December from 0.5% in November 2022 has also had an impact on the overall inflation rate.
“This means that on average, prices of goods and services increased by 9.9 percent between December 2021 and December 2022. This development was mainly attributed to movements in prices of non-food items.”
“Annual food inflation for December 2022 was recorded at 11.9 percent down from 2.1 percent in November 2022. This development was mainly attributed to movements in prices of Meats such as Offal’s, Pork Chops, Goat Meat, Chicken Live, Frozen chicken, Fruits such as Bananas, Apples, Pineapples, Mangoes, and Water Melon, Vegetables such as Sweet Potato Leaves-Kalembula, Cassava Leaves, Okra, Green Beans, Eggplant, Impwa, Maize cobs, Onion, Mushroom and cooking oil,” Mr. Musepa revealed.
He also noted that the estimated Gross Domestic Product (GDP) in the third quarter of 2022 is at 5.3% compared to 3.3% in November, 2021.
Mr. Musepa further said the upward adjustment in the Gross Domestic Product (GDP) is due to the increased economic activities in the third quarter of 2022, disclosing that main industrial contributors were the whole retail trade, vehicle services and Information and Communication Technologies (ICTs).
“The GDP at current prices in the third quarter of 2022 was estimated at K126, 648 million compared to K119, 174 million recorded in the same quarter of 2021.”
“Analysis at industry level shows that out of K126, 648 million, the industry with the highest share was, Wholesale & Retail Trade at 20.1% followed by Mining & quarrying at 12.2% and Construction at 11.8%. The Arts, Entertainment and Recreation had the lowest share at 0.3 percent,” he stated.
Mr. Musepa added that GDP for Quarter one of 2022, has been revised from 2.2 percent to 2.3 percent and Q2 from 3.5 percent to 3.4 percent.
He said the notable revisions are on the Construction and Accommodation as well as food services.

Inflation rate of Zambia fell gradually from 16.5 % in December 2021 to 9.8 % last month