December inflation rate drops to 7.5%

CSO Director John Kalumbi

The Annual Rate of inflation for December 2016 has closed at 7.5% from 8.8% recorded in November 2016.

Central Statistical Office (CSO) Director John Kalumbi during the December monthly bulletin release explains that the 7.5 year on year inflation means that on average, prices increased between December 2015 and December 2016.

Mr. Kalumbi notes that the annual food inflation rate stood at 7.8% as at December 2016 from 9.2% recorded in November 2016 while the annual non food inflation rate stood at 7.1% from 8.3% recorded in November 2016.

Mr. Kalumbi has attributed the decrease in the annual food inflation rate to decreases in the inflation for fillet steak, live chicken, imported cooking oil, table salt and dressed chicken.

He says of the total 7.5 annual inflation rate, food and non alcoholic beverages products accounted for 4.1% while non food products accounted for 3.4%.

Mr. Kalumbi says Lusaka province had the highest provincial contribution of 2.2% while Western Province had the lowest contribution of 0.2%.

He states that Zambia recorded a trade deficit in November 2016 valued at K1, 448 million.