Zambia’s Inflation rate down to 6.4 p.c

Zambia’s Inflation rate down to 6.4 p.c

By Business Reporter

Kwacha Currency
ZAMBIA’s inflation for January 2012, is now at 6.4 per cent down from the 2011 figures of 7.2 per cent, the lowest rate the country has recorded over the years.

Central Statistics Office (CSO) acting director William Mayaka said in Lusaka yesterday that, of the 6.4 per cent annual inflation rate recorded in January 2012, food and non-alcoholic products as well as, non-food products accounted for 3.2 per cent each.

The annual rate of inflation for food and non-alcoholic beverages stands at 6.1 per cent, alcoholic beverages and tobacco at 4.3 per cent, while clothing and foot wear were at 7.3 per cent with housing, water and electricity at 8.4 per cent.

Other items such as furnishing and household equipment was at 2.3 per cent, health at 6.7 per cent and transport at 12.3 per cent respectively.

Mr Mayaka said at a Press briefing that the annual rate of inflation was derived from the revised items of the Consumer Price Index( CPI) and recorded at 6.4 per cent in January 2012.

He said the food inflation was recorded at 6.1 per cent in January 2012, while the annual non-food inflation was posted at 6.8 per cent.

A comparison of retail prices between December 2011 and January 2012, indicated that the average price of 25 kilogram bamegme of white breakfast mealie-meal reduced by 8.0 per cent from K47,545 to K43,747 while, the national average price of a 20 litre tin of maize reduced by 1.1 per cent from K19,429 to K19,216.

Mr Mayaka said the national average price of 50 kilogramme bag of dried Kapenta (Siavonga) went down by 15.1 per cent from K74, 979 to K63, 503.

However, the national average price of one kilogram, of tomematoes increased by 9.7 per cent, from K3,700 to K4,058, while the national average price of 1kg of cabbage increased by 12.1 per cent from K1,811 to K2,031.

The CSO rebased the inflation basket to that of 2009 but Zambia’s inflation rate for 2011 closed at 7.2 per cent under the previous calculations, almost hitting the seven per cent year-end target which was set in the 2012 National Budget.

The rebased CPI is categorised into 12 main groups and based on a revised basket of products, weights, index reference period and new software.

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