• On average, prices of goods and services rose by 9.8 percent between June 2022 and June 2023.
• Monthly food inflation remained the same at 0.9%.
• Traditional Exports earnings increased by 9.6 percent to K11.0 billion in May 2023 from K10.0 billion in April 2023.

Zambia Statistics Agency (ZamStats) has disclosed that annual inflation rate for June 2023 has dropped to 9.8% from 9.9% recorded in May, 2023 due to price movements of selected food items.
Addressing Journalists in Lusaka, Agency Statistician General Mulenga Musepa this means that on average, prices of goods and services rose by 9.8 percent between June 2022 and June 2023.
Mr. Musepa also revealed that monthly food inflation remained the same at 0.9% driven by movements in prices of meat products, frozen and live chicken, vegetables, bread and cereals among others.
“Non-food increased to 0.7% from 0.2% due to purchase of motor vehicles, pharmaceuticals Products, Air Fare Domestic and Air Fare Regional,” Mr. Musepa stated.

He added that annual food inflation for June 2023 was recorded at 11.2 percent compared to11.6 percent in the previous month, while non-food inflation increased to 7.8 percent from 7.6 percent in May 2023.

“This outturn was mainly attributed to increases in prices of non-food items such as Purchase of Motor Vehicles, Air Fare Regional, Lusaka/London via Dubai, Accommodation services, Restaurant and Hotel services,” he said.

Mr. Musepa further observed that Lusaka province recorded the highest annual inflation rate at 11.5%, while Copperbelt was lowest at 7.4%.

And Mr. Musepa revealed that Zambia recorded a trade surplus of K40.8 million in May 2023 compared to a deficit of K457.7 million in April 2023.

He explained that exports mainly comprising domestically produced goods, increased by 13.1 percent to K17, 121.2 million in May 2023 from K15, 136.1 million in April 2023.
“This was mainly on account of 16.0 and 14.2 percent increases in export earnings from Intermediate goods and Capital goods, respectively. Imports increased by 9.5 percent to K 17,080.4 million in May 2023 from K15, 593.7 million in April 2023. This was mainly as a result of 2.9, 27.9 and 4.6 percent increases in import bills of Intermediate goods, Consumer goods and Capital goods, respectively.”
“Traditional Exports (TE’s) earnings increased by 9.6 percent to K11.0 billion in May 2023 from K10.0 billion in April 2023. In terms of share in total exports, TEs accounted for 64.1 percent during the month under review. Non-Traditional Exports (NTEs) earnings increased by 20.0 percent to K6.1 billion in May 2023 from K5.1billion in April 2023. In terms of share in total exports, NTEs accounted for 35.9 percent in May 2023,” he added.