End year inflation recorded at 7.9 percent

The country has recorded an end year inflation of 7.9 percent way above the government target of 6.5 percent.

December’s inflation of 7.9 percent represents a decrease of 0.2 percent from the November inflation which was recorded at 8.1 percent.

Addressing journalists during the December release of the monthly bulletin this morning, Central Statistical Office Director for Census and Statistics John Kalumbi says the annual food inflation rate for December 2014 was recorded at 7.5 percent compared to 7.3 percent recorded in November 2014.

Mr. Kalumbi says the annual non-food inflation rate for December decreased to 8.4 percent from the 8.9 percent recorded in November 2014.

Mr. Kalumbi says the annual rate of inflation increased for Central, Northern/Muchinga, North Western and Southern Provinces, while the annual rate of inflation decreased for Copperbelt, Eastern, Luapula, Lusaka and Western Provinces.

He says North Western Province recorded the highest annual rate of inflation at 9.9 percent, followed by Lusaka and Eastern Provinces at 8.9 percent each, with Central Province recording the lowest annual rate of inflation at 6.2 percent.

And Mr. Kalumbi says Zambia recorded a trade surplus valued at K53.9 million in November 2014 from K68.3 million recorded in October 2014 which means that Zambia exported more than it imported in nominal terms in the month of November 2014.

He says Zambia’s major export products in November 2014 were from the intermediate goods category mainly comprising copper cathodes and sections of refined copper accounting for 80.4 percent.

Mr Kalumbi adds that the major export destination in November 2014 was Switzerland, which accounted for 41.4 percent.