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Zambia’s annual inflation rate has surged to 15.5 percent in August 2024 due to price movements of food items.
This is as the country recorded K1.38 billion trade surplus.
Giving an overview of the country’s statistics, Zambia Statistical Agency (ZamStats) Statistician General, Goodson Sinyenga, stated that the annual inflation for August, 2024 increased to 15.5 percent from 15.4 percent recorded in July, 2024.
This meant that on average, prices of goods and services increased by 15.5 percent between August 2023 and August, 2024.
Addressing journalists in Lusaka on Thursday, Sinyenga said that annual food inflation for August, 2024 was recorded at 17.6 percent compared to 17.4 percent the previous month.
This, he said, meant on average prices of food items increased by 17.6 percent between August, 2023 and August, 2024.
Sinyenga noted that the outturn was mainly attributed to increase in price movements of fish (Dried Kapenta Mpulungu, Dried Kapenta Siavonga, Dried Kapenta Chisense, Dried Bream,); Milk& Eggs (Fresh milk, Sour milk, Powdered milk, Eggs); Dried beans and Sweet potatoes.
He said annual non-food inflation for August 2024 was recorded at 12.5 percent compared to 12.6 percent in July.
This outturn was mainly attributed to price movements in prices of non-food items such as Clothing (Men’s shirt, Men’s trousers, Gents suit, Ladies skirt imported, Ladies shirts (blouse)); Pharmaceutical Products (Ampicillin, Medix cough syrup, No cough, Andrews liver salt, Fansider, Multivitamin).
Sinyenga pointed out that of the overall 15.5 percent annual inflation, Lusaka province contributed the highest at 3.9 percentage points.
Copperbelt, Sinyenga said, contributed 3.3 percentage points.
He said Central and Southern provinces contributed 2.1 and 1.8 percentage points respectively, while North-western province had the lowest contribution of 0.5 percentage points.
On trade, Sinyenga reported that cumulative total trade for the period January to July 2024 was K314.2 billion while that of 2023 for the same period was K233.1 billion, representing a 34.8 percent increase.
“The total value of exports via all modes of transport for the month of January to July 2024 was K161.0 billion. Road transport accounted for highest value at K149.8 billion representing 93.0 percent,” he said.
The total value of imports via all modes of transport for the month of January to June was K153.2 billion.
Sinyenga said road transport was the highest at K86.3 billion representing 56.3 percent followed by air transport at K9.2 billion.
He added that rail transport was third at K0.3 billion accounting for 0.2 percent of the total import bill.
Other modes of transport, Sinyenga noted accounted for K57.4 billion.
In terms of volumes, he said a total of 4.5 million tonnes of imports were recorded for the month of January to July 2024, of which road transport accounted for 2.4 million tonnes, representing the highest share at 52.4 percent.
Sinyenga said railway transport accounted for 52.4 thousand tonnes, representing a share of 1.2 percent in the period under review.
He added that Zambia recorded a trade surplus of K1.38 billion in July, 2024 compared to a surplus of K1.37 billion in June, 2024.
“Exports mainly comprising domestically produced goods, increased by 4.7 percent to K25.8 billion in July 2024 from K24.7 billion in June 2024,” Sinyenga noted.
This was mainly on account of 4.6 and 18.7 percent increase in export earnings from Intermediate goods and Consumer goods, respectively.
Imports increased by 4.9 percent from K23.3 billion in June 2024 to K24.4 billion in July 2024.
Sinyenga said this was mainly as a result of a 17.6 and 6.8 percent increase in import bills of Capital goods and Intermediate goods, respectively.
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