Zambia’s Annual inflation rate increase to 16%

Zambia Statistics Agency (ZAMSTATS) says the Annual inflation for the Month of October has increased to 16 percent from 15.7 percent recorded in September 2020.
Speaking during a Virtual Monthly Bulletin Dissemination, ZAMSTATS Interim Statistician General Mulenga Musepa attributed the increase in the annual rate of to price increases in food items.
Meanwhile Mr. Musepa reveals that the year- to- date inflation has been recorded at 13.1 percent in October 2020 higher than that of the corresponding period in 2019 of 8.9 percent.
“This means that, the average prices of goods and services increased at a higher rate in 2020 compared to the same period in 2019,” said Mr. Musepa.
He however noted the year-on-year food inflation rate for October 2020 was recorded at 14.6 percent compared to 14.0 percent recorded in September 2020, indicating an increase of 0.6 percentage points.
Meanwhile Mr. Musepa disclosed that Zambia also recorded a 32.9 percent increase in the trade surplus from K5, 318.1 million recorded in August 2020 to K7, 069.3 million in September 2020.
He said Exports which mainly comprise of domestically produced goods, increased by 19.2 percent from K13, 968.6 million in August 2020 to K16, 340.7 million in September 2020.
Mr. Musepa stated that Imports increased by 10.8 percent from K8, 650.6 million in August 2020 to K9, 586.0 million in September 2020.
“This increase in imports was mainly as a result of a 17.3 percent and 11.2 percent increase in imports of Intermediate goods and Capital goods respectively,” Mr. Musepa said.
He added that the Total trade for the period January 2020 to September 2020 is K165, 870.9 million while the total trade for the same period of 2019 is K135, 358.6 million, indicating a 22.5 percent increase.

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