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Zambia’s annual inflation and trade surplus drop

Zambia Statistics Agency (Zamstats) says the year- on- year inflation rate as measured by the all items Consumer Price Index for July 2020 has decreased to 15.8 percent from 15.9 percent recorded in June 2020.
Speaking during a virtual monthly dissemination, Zamstats Assistant Director for Economic Statistics, Joseph Tembo, said the decrease in the annual food inflation from 16.3 percent to 16.1 percent was mainly attributed to decreases in prices of food items such as cereals and Vegetables.
Mr. Tembo said the decrease in the annual non-food inflation from 15.5 percent to 15.5 percent was mainly attributed to price movements of Motor Vehicles Purchase.
“Non-Food inflation decreased to 15.4% from 15.5%.The decrease in the annual non-food inflation was mainly attributed to price movements of Purchase of Motor Vehicles.” He disclosed.
Mr. Tembo who was speaking on behalf of Zamstats Interim Statistician General Mulenga Musepa, disclosed that the Year- to- Date inflation was recorded at 9.7 percent in July 2020; higher than that of the corresponding period in 2019 of 5.8 percent.
He however said the July 2020 monthly overall inflation rate which is mainly due to general price movements of food items increased to 0.3 percent from 0.2 percent the previous month.
“The increase in the monthly food inflation was mainly attributed to increases in prices of food items such as Fish (Frozen fish, Bukabuka, Fresh Kapenta, Dried Bream, Dried Kapenta), Eggs, Fresh milk, Sugar and Jam.” He said.
Meanwhile Mr. Tembo announced that Zambia recorded a trade surplus valued at K1, 561.8 million for the month of June 2020 from K3, 843.4 million recorded in May 2020, indicating a 59.4 percent decrease.
The Director for Economic Statistics explained that Exports which mainly comprise of domestically produced goods decreased by 11.5 percent from K10, 524.5 million in May 2020 to K9, 317.2 million in June 2020.
“Imports increased by 16.1 percent from K6, 681.1 million in May 2020 to K7, 755.4 million in June 2020.” He said.
He however disclosed that the Total trade for the period January to June 2020 increased by 5.4 percent to K96, 864.8 million from K 91,888.2 million recorded in the same period of 2019.

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