March inflation marginally declines to 6.7%

The annual inflation rate for March 2017 inflation rate has marginally decreased by 0.1 percentage points to 6.7 percent from the February rate of 6.8 percent.

Central Statistical Office Director, John Kalumbi has attributed the reduction to the price changes of food items.

Mr Kalumbi has explains that decline in inflation means that on average prices increased by 6.7 percent between March 2016 and March 2017.

He adds that the year on year food inflation rate for March 2017 was recorded at 6.7 percent compared to 7.4 percent recorded in February 2017 representing a decrease of 0.7 percentage points.

Mr. Kalumbi says the decrease in the annual food inflation rate is attributed to price changes for fish items and vegetables such as tomatoes and cabbage.

Speaking during a media briefing this morning, Mr. Kalumbi says Lusaka Province recorded the highest provincial contribution of 1.7 percent points on the overall annual inflation rate of 6.7 percent in March, while Western Province recorded the lowest contribution of 0.2 percent.

He says this implies that the price movements in Lusaka province had the greatest influence on the overall annual rate of inflation.

And Mr. Kalumbi says Zambia recorded a trade deficit in February 2017 valued at K1,140.8 million from K227.3 million recorded in January 2017, representing a 401.9 percent increase.

He says this means that the country imported more in February that it exported in nominal terms.