February inflation slows to 7.4%

The annual rate of inflation for the month of February 2015 has decreased to 7.4 percent from 7.7 recorded in January 2015.

Speaking during the central statistical office (CSO) monthly bulletin release this morning, CSO Acting Director Goodson Sinyenga says of the total 7.4 percent annual inflation rate recorded, Food and non alcoholic products accounted for 3.9 percent while non food products accounted for 3.5percent.

Mr Sinyenga says the annual rate of inflation increased for food and non alcoholic beverages, clothing and footwear, furnishing household equipment, health, communication and miscellaneous goods and services while it decreased for alcoholic beverages and tobacco, Housing, water, electricity, gas and other fuels, transport and education.

He adds that the annual rate of inflation increased for Luapula and North western provinces, while it decreased for Central, Copperbelt, Eastern, Lusaka, Northern, Southern and Western provinces.

Mr. Sinyenga says North western recorded the highest rate of inflation at 9.8 percent while the Copperbelt province had the lowest annual rate of inflation at 5.9 percent.

He adds that the country also recorded a trade deficit valued at K113.7 million in January 2015 from a trade deficit of K72.7 million recorded in December 2014.

Meanwhile Mr. Sinyenga has disclosed that the top four buyers of Zambia’s copper from 2010 to 2014 in order of ranking were Switzerland buying 61.1%, China buying 25.6% , United Kingdom buying 2.8 percent and South Africa buying 2.6 percent share of the total copper export earning annually.