• This was triggered by price movements of selected food and non-food items.
• Annual food inflation for August 2023 increased to 12.6 percent from 12.1 percent recorded in July, 2023.
• Zambia recorded a trade surplus of K2.3 billion in July 2023, compared to a surplus of K0.9 billion in June, 2023.

Zambia Statistics Agency (ZamStats) data shows that consumers’ buying power continues to fall amid continued pressure on the country’s inflation rate which has increased to 10.8 percent largely due to movements in food prices.

In its August 2023 Consumer Price Index, ZamStats revealed that the year-on-year headline inflation rate for August 2023 increased to 10.8 percent from 10.3 percent in the previous month.
According to ZamStats Statistician General Mulenga Musepa, the increase in the prices of goods and services in August 2023 was triggered by price movements of selected food and non-food items.
Mr. Musepa also revealed that annual food inflation for August 2023 increased to 12.6 percent from 12.1 percent recorded in July, 2023, due to movements in prices of cereals, such as mealie meal, meats, fish, milk, cheese and eggs.
“The annual non-food inflation for August 2023 was recorded at 8.5 percent compared to 7.8 percent. This outturn was mainly attributed to increases in prices of non-food items such as Spare parts & accessories such as Spark plugs, Car Tyre-Radial, Bicycle Tyre, Car battery, cv joints, Fuels & Lubricants like Petrol, Engine oil, brake fluids, paraffin purchases and charcoal,” Mr. Musepa stated.
He added that that the Annual Inflation Rate increased for Food and Non-alcoholic beverages increased by 12.6 percent between August 2022 and August 2023, higher than 11.3 percent recorded in the same month of 2022 and 12.1 percent recorded in July 2023.
“The index for clothing and footwear increased by 8.2 percent between August 2022 and August 2023. This was lower than 9.1 percent recorded in August 2022 but higher than 7.9 percent recorded in July 2023. CPI for the Housing, Water, Electricity, Gas & Other Fuels group increased by 8.2 percent between August 2022 and August 2023. This was higher than the 5.4 percent recorded in the same month of 2022 and the 7.8 percent recorded in July 2023.”
“The CPI for the Furnishing, Household Equipment and Household Maintenance increased by 6.1 percent between August 2022 and August 2023. This was higher than 6.0 percent recorded in August 2022 and 5.9 percent recorded in July 2023. The Health CPI main group increased by 9.0 percent between August 2022 and August 2023. This was higher than 4.8 percent in the same month of 2022 and 8.8 percent recorded in July 2023,” he said.
Meanwhile, Mr. Musepa revealed that Zambia recorded a trade surplus of K2.3 billion in July 2023, compared to a surplus of K0.9 billion in June 2023.
He said exports mainly comprising domestically produced goods increased by 5 percent to K17.5 billion in July from K16.6 billion in June.
“This was mainly due to 5 percent and 40.8 percent increases in export earnings from intermediate goods and capital goods. Imports reduced by 3.8 percent to K15.1 billion in July from K15.7 billion in June mainly due to 6.9, 0.5, and 0.4 percent declines in import bills of raw materials, intermediate goods, consumer goods, and capital goods,” Mr. Musepa added.