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Zambia’s annual inflation rate has surged to 13.2 percent in January 2024 due to price movements of selected non-food items.
This is as the country recorded K0.7 billion trade surplus.
Read more: Zambia’s inflation rate hits 13.2% to close the year, amid high cost of food prices
Giving an overview of the country’s statistics, Zambia Statistical Agency (ZamStats) Statistician General, Mulenga Musepa, stated that the annual inflation for January, 2024 increased to 13.2 percent from 13.1 percent recorded in January, 2024.
This meant that on average, prices of goods and services increased by 13.2 percent between January 2023 and January, 2024.
Addressing journalists in Lusaka on Thursday, Musepa said that annual food inflation for January, 2024 was recorded at 13.7 percent compared to 14.2 percent the previous month.
This, he said, meant on average prices of food items increased by 13.7 percent between January, 2023 and January, 2024.
Musepa noted that the outturn was mainly attributed to decrease in price movements of meat, vegetables (Pumpkin Leaves, Sweet Potato Leaves (Kalembula)-With sterms, Lumanda, Spinach, Cassava Leaves, Okra, Green pepper, Maize cobs, Mushrooms)
He said annual non-food inflation for January 2024 was recorded at 12.4 percent compared to 11.6 percent the previous month.
This development was mainly attributed to increase in prices of purchase of motor vehicles, spare parts and accessories, passenger transport by air, charcoal and blankets.
Musepa pointed out that of the overall 13.2 percent annual inflation, the food and non-alcoholic beverage group contributed 8.0 percentage points, while non-food group accounted for 5.2 percentage points.
“Of the 5.2 percentage points, transport contributed the highest at 2.1 percentage points followed by housing, water, electricity, gas and other fuels at 0.9 percentage points, furnishings, household equipment and routine household maintenance and clothing and footwear at 0.7 and 0.6 percentage points, respectively,” Musepa said.
He added that the rest of the non-food group accounted for the remaining 0.9 percentage points.
Musepa indicated that Lusaka province contributed the highest at 4.0 percentage points to the overall annual inflation of 13.2 percent in January 2024.
Copperbelt, he said, contributed 2.7 percentage points.
Musepa said Southern and Central provinces contributed 1.5 and 1.3 percentage points respectively, while North-western province had the lowest contribution of 0.5percentage points.
On trade, Musepa reported that cumulative total trade for 2023 was K415.5 billion, while that of 2022 for the same period was K349.7 billion, representing a 18.8 percent increase.
“The total value of exports via all modes of transport during 2023 was K210.8 billion. Road transport accounted for highest K99.9 billion representing 47.4 percent share.
“Rail transport was second at K8.5 billion and air transport was third accounting for K4.2 billion, while other modes accounted for K98.2 billion,” he said.
The total value of imports via all modes of transport during 2023 was K204.7 billion.
Musepa said road transport was the highest at K117.7 billion representing 57.5 percent followed by air transport at K9.9 billion.
He added that rail transport was third at K2.9 billion accounting for 1.4 percent of the total import bill.
Other modes of transport, he noted accounted for K74.2 billion.
In terms of volumes, Musepa said a total of 7.2 million tonnes of imports were recorded for the period December 2023, of which road transport accounted for 4.2 million tonnes, representing the highest share at 58.4 percent.
He said railway transport accounted for 253.9 thousand tonnes, representing a share of 3.5 percent in the period under review.
He added that Zambia recorded a trade surplus of K0.7 billion in December 2023 compared to a deficit of K0.6 billion the previous month.
“Exports mainly comprising domestically produced goods, increased by 14.6 percent to K21.1 billion in December 2023 from K18.4 billion in November 2023,” Musepa noted.
This was mainly on account of 21.4 percent increases in export earnings from Intermediate goods.
He said imports increased by 7.4 percent to K20.4 billion in December 2023, from K19.0 billion in November 2023, and that this was mainly as a result of 16.8 and 9.6 percent increase in import bills of consumer goods and intermediate goods, respectively.
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