Inflation rate rises to 7.4 percent

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Zambia’s annual inflation rate has increased to 7.4 percent from the 7.1 percent.

Central Statistical Office (CSO) acting Director of Census and Statistics Goodson Sinyenga revealed this to journalists at a briefing in Lusaka today.

Mr Sinyenga attributed the increase in the inflation rate to price increment in food.

He explained that the average prices of goods and services increased by 7.4 percent between April 2017 and April 2018.

Mr Sinyenga said the inflation rate was measured by the all items at Consumer Price Index (CPI).

And commenting on the annual food inflation rate for April 2018, Mr Sinyenga disclosed that the country recorded an increase of 6.5 percent in food inflation rate as compared to 5.8 percent recorded in March 2018, indicating an increase of 0.7 percent.

The Acting Director told journalists that the increase in the annual food inflation rate was triggered by price changes in vegetables such as tomatoes and onion.

Meanwhile the annual non-food inflation rate for April 2018 stood at 8.4 percent while March stood at 8.7 percent indicating a decrease of 0.3 percentage.

The decrease in non-food annual inflation rate was attributed to price changes for Motor Vehicles and Airfares.

Mr Sinyenga said of the 7.4 percent annual inflation rate recorded in April 2018, food and non-alcoholic beverages accounted for 3.5 percent while non-food items accounted for 3.9 percent.

Meanwhile Eastern province had the highest annual rate of inflation at 10.5 percent followed by Western province at 9.6 percent, with Luapula province recording the lowest annual rate of inflation at 4.2.

Lusaka recorded the highest provincial contribution of 2.4 percent to the overall annual inflation rate of 7.4 percent recorded in the month of April this year.

According to CSO acting Director, price movements in Lusaka province significantly influenced the annual inflation rate.

He cited Copperbelt as the second highest province that contributed 1.2 percent to the overall annual inflation rate while Luapula province had the lowest contribution of 0.2 percent.

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