Zambia’s annual inflation rate up to 8pc

Zambia’s annual rate of inflation for the month of July, 2014 has increased to 8.0 percent from 7.9 recorded in June, says Central Statistical Office Director, John Kalumbi

Speaking during the release monthly bulletin briefing,in Lusaka yesterday, Mr Kalumbi attributed the increase in the annual rate of inflation to increases in the prices of non food items. Mr. Kalumbi said of the total 8.0 percent annual inflation rate recorded, food and non-alcoholic beverage products accounted for 3.5 percent while non- food products accounted for 4.5 percent.

“The annual food inflation rate for July 2014 was recorded at 6.9 percent representing decrease of 0.9 percentage points from 7.8 percent recorded in June 2014,” he said.

Mr Kalumbi observed an increase in the annual non-food inflation rate by 1.2 percentage points from 8.0 percent recorded in June 2014 to 9.2 percent recorded in July 2014.

“A comparison of retail prices between June and July 2014 shows that, the national average price of a 25kg bag of breakfast mealie meal decreased by 0.7 percent from K73.72 to 73.20,”

“The national average price of a 25kg bag of Roller mealie meal decreased by 3.0 percent from K57.47 to K55.77,” he said.

Mr Kalumbi said the price of a 20 litre tin of maize grain decreased by 6.8 percent from 25.99 to 24.22 during the same period.

“Electricity tariffs for low cost increased by 27.0 percent from K95.57 to K121.38. Electricity tariffs for high cost increased by 13.6 percent from K297.96 to K338.40,” Mr Kalumbi said.

And commenting on the provincial inflation rates, Mr Kalumbi said Central, Lusaka and North Western Provinces recorded an increase while Copperbelt, Eastern, Luapula, Northern and Western provinces recorded a decrease in inflationary rate.