Annual rate of inflation for December decreases to 6.1

The annual rate of inflation for the month of December has decreased to 6.1 percent from the 6.3 percent recorded in November 2017.

Meanwhile Zambia has recorded a growth rate of 3.3 percent in the third quarter of 2017 which was 0.1 percentage points higher than that recorded in the second quarter.

Speaking during the end of year briefing, CSO director of census and statistics John Kalumbi disclosed that the decrease in the annual inflation rate means that on average prices increased by 6.1 percent between December 2016 and December 2017 bringing the average annual inflation rate for the year 2017 to 6.6 percent.

Mr. Kalumbi says the annual inflation rates over the same period have shown a decreasing pattern from 7.5 percent in December 2016 to 6.1 percent in December 2017.

He has however revealed that the year on year annual food inflation rate for December 2017 remained the same as that recorded in November 2017 at 4.8 percent stating that the year on year annual non food inflation rate for December 2017 was recorded at 7.5 percent from 7.9 percent recorded in November 2017 indicating a decrease of 0.4 percentage points.

He has since stated that the month on month inflation rate for December 2017 was recorded at 0.7 percent compared to 1.4 percent recorded in November 2017 showing a decrease of 0.7 percentage points.

Meanwhile Mr. Kalumbi has disclosed that Zambia’s economy grew by 3.3 percent in the third quarter of 2017 which was 0.1 percentage points higher than that recorded in the second quarter according to the year on year comparison of GDP at constant 2010 prices.

Mr. Kalumbi says the human health and social work industry recorded the highest growth of 21.9 percent in the period under review.