Q FM Africa's Modern Radio
Zambia’s annual rate of inflation for the month of December 2018 has increased to 7.9 percent.
This is from the 7.8 percent recorded in November this year.
Central Statistical Office (CSO) Acting Director Goodson Sinyenga says this means that on average, prices of goods and services increased by 7.9 percent between December 2017 and December 2018.
Mr. Sinyenga says the increase in the annual rate of inflation is thus mainly attributed to non food items such as household furniture and furnishings and transport.
Speaking during a monthly briefing in Lusaka, Mr. Sinyenga said the annual food inflation rate for December 2018 was recorded at 8.1 percent compared to 8.4 percent recorded in November 2018.
Mr. Sinyenga notes that the decrease is mainly attributed to price changes of vegetables such as Rape, Pumpkin leaves, Spinach, Cabbage and fruit’s.
He says Month on Month inflation rate for December 2018 was however recorded at 0.8 Percent indicating a decrease of 0.1 percentage point compared to 0.9 percent recorded in November 2017.
The CSO Acting Director states that the slowing down in the Month on Month inflation rate is mainly attributed to price changes of Food products such as Meat products.
Meanwhile Mr. Sinyenga has told journalists that Zambia’s trade deficit decreased by 35.7 Percent from K2, 691.2 million recorded in October 2018 to K1, 729.5 million in November 2018.
Mr. Sinyenga says this means that the country imported more at a slower rate than it exported in nominal terms.