Zambian consumer prices accelerated for a sixth consecutive month to a fresh 12-year high amid a power crisis and currency weakness.
Prices rose by 21.8 percent year-on-year in January from 21.1 percent a month earlier, the Central Statistical Office said in a statement handed to reporters on Thursday in Lusaka, the capital. Prices rose 1.3 percent in January from the previous month, it said.
Inflation has in Zambia, Africa’s second-biggest copper producer, climbed from 7.7 percent in September after the nation’s currency plunged against the dollar as metals prices fell and the fiscal deficit widened. An electricity shortfall that’s led to daily rationing lasting as long as 14 hours for businesses has cut output and increased costs. The central bank increased its key lending rate to a record 15.5 percent in November to try contain prices.
Food inflation accelerated to 25.9 percent in January from 24.8 percent as corn and bread prices prices rose, according to data from the statistics agency.
Zambia’s trade deficit narrowed to 778.8 million kwacha ($69 million) in December from a revised 1.22 billion kwacha the month before. The value of metal exports fell 6.4 percent, the Central Statistical Office data showed. Imports fell to 7.8 billion kwacha last month from 9.4 billion kwacha in November.The kwacha weakened 0.1 percent to 11.25 per dollar by 11:15 a.m. in Lusaka.
Source: Bloomberg News
So what is Lungu s legacy?I hope he is remembered for destroying the economy together with his hero the illiterate dictator Sata.Long live Lungu long live PF.
This is expcted
It is a global economy efect
Only someone silly enough to have a mother and never look back will blame the PF or Lungu.
This spirral could have happened even with HH.
The trouble with HH is that, he is a wrong tribe- so he is going nowhere
Thanks
BB2014
Lungu where are you to answer for this?
Meanwhile Aleisa HH
PF MEANS DOOM FOR ZAMBIA. LUNGU IS MYOPIC BECAUSE HE HAS TOLD HIMSELF THAT HE SHOULD JOIN THE LOOT, HENCE HE IS A WRONG PERSON TO LEAD ZAMBIA. ZAMBIAN PEOPLE WILL CONTINUE SUFFERING IF THEY ALLOW LUNGU AND PF TO CONTINUE RULING OUR COUNTRY. LET ALL ZAMBIANS GET UNITED AND KICK OUT THESE PLUNDERERS WHO HAVE SOLD OUR COUNTRY TO CHINA AND MUGABE. COME AUGUST 11, VOTE FOR UPND AND HH.
@Mushota is right. Period. Look at the period it covers. 12 years of the world’s worst years!
#PfMustGo
#TimorConsultingMustLeave
Common opposition (MMD excluded), flex your muscle and remove PF and organize a peaceful demonstration in from of Timor Consulting offices so that they can leave Zambia. We cant tolerate a company that intends to rig elections. They must leave, they are bring confusion in the country.
in front of Timor…
…they are bringing…
VIVA HH 2016
it is a grobo situation……
ehhh PF kaponyas, do you agree…..
Our Zambian Kwacha well on its way to join the Zimbabwe Dollar.
Can we beat the Zim record? TEN BILLION PERCENT INFLATION before they stopped calculating it because it was getting bigger faster than they could count!
Seems like the perfect recipe for inflation and economic collapse is to elect a party to government with PF in its name!
Welcome back into poverty Zambians! From being on target to middle income status in 2010, we are now heading back to the low income club. Next stop IMF BEGGING AGAIN. And pleas for help from the World Food program to save starving people. JUST LIKE ZIMBABWE!
READ ,is it lungu responsible for water at kariba, for copper price, tell us true things oppositions ,other wise it is better to go with Lungu than people who does not even know the differences of economic forces our country passing thru but they call themselves economist.
Unless Lungu is NOT the President of Zambia, YES HE IS RESPONSIBLE!
I think it is because he does not “know the differences of economic forces” that we are in this mess right now!
Muzo you are dull bro or should I say you are an economic illiterate. Poor exchange rate, high inflation, high interest rates, budget deficit you name it all spin around Govt expenditure. Careless and unplanned Govt expenditure is the cause all these problems. Also you say Lungu is not responsible for water levels! But what stopped PF from investing in power generation? With all the Euro bonds? We objective observers have kept reminding you that constructing roads here and there is not development but being the cadres you are, you wont listen.
@Muzo
Lungu does not control rain or copper prices. But we all know that Zambias economy depends on these. And that they are variable. And we need to PLAN for this.
This is where Lungu has failed.
Every problem we have now, load shedding, inflation, job losses, water shortages, collapsing Kwacha, tribalism, CORRUPTION and STEALING are all due to no planning.
Failure to PLAN is planning to FAIL.
And now this FAILED PF has FAILED ZAMBIA COMPLETELY. IT IS THERE CLEARLY FOR ALL TO SEE!
As much as this is horrendous news, be advised that we have not hit rock bottom yet!! The worst is still ahead of us. ECL and is crew have not put in an measures to revive the economy and soon the PF will need to import maize. I doubt if power supply shall improve, copper price will remain depressed and production is slowing. Job cuts are happening in many sectors and i know the fiscally in-disciplined PF will not cut expenditure in an election year.
If Sata was illitating you Tonga party you never rule this nation mark my word.
Maybe that is why Sata invited Mugabe to open the Agriculture Show as the first state visit after getting elected. Help him learn how to destroy a country and still stay in power even when the people are dying of starvation!
Only the super rich and those in business will do well. The poot and employees are in hot pepe soup!
electricity bills for commercial entities have not yet been factored in. For one company I know, they used to pay K1.6 to K1.8 million old tariff, they straggled to pay, on the new new tariff, the bill has shot up to K 5 million. The only way out is to cut labor, increase the price of the commodity or close shop, things are bad guys!
This is bad. This is really bad! Meanwhile salaries remain the same. The PF has everything bad going their way. Maybe we didn’t pray and fast enough! This time it should be for 40 days and 40 nights! The declare a 40 day holiday 🙂
Please call for another prayer and fasting. This time it should be for 40 days and 40 nights. Then declare 40 day holiday!
I second your suggestion. 40 or 50 days for prayers and, vola !, our economic issues will be news of the past.
Awe ba one Zambia, another round of misguided and pretentious prayer will lead to this curse worsening. God shall not be mocked, these guys were warned but they called everbody Satanists (a topic they seem very familiar with) let them reap what they “prayed” for from their “god”. Politicised and boastful fasting hmm guys guys guys bibles are everywhere read for yourself. Now our God is being blamed left right and center when they were busy fasting to their pride and politics. Elo tamulati seed time and harvest
Obviously the prayers didnt work for a simple reason that we stated before; the Lord does not answer payers of the hypocrites. Isnt it the Lord that gives rain? Surely after those “prayers” last October, He would have supplied abundant rain. Alas! The skies have withheld the rains for obvious reasons that we gave even before the prayers were done. Did our leaders and some fake pastors really think that they could mock God?
And the BUFFOON Kambwili says they deserve to be given another term..where is Lazy Bum we have for a President? Busy campaigningredients with head stuck out of a sunroof in Eastern Province!
Mushota, not you. You have depressed me.
can a person truly be from a wrong tribe?
you have lowered yourself. we do not have to know you personally for you to feel the shame.
Unfortunately, that’s the way Bembas think. If somebody is not Bemba or from a Bemba affiliated tribe like Lungu, then you are from a “wrong” tribe. In this respect, Mushota has made one of the most transparent and honest comments on this site. That’s the way Bembas think and they will vote for their PFool than for a genius from another tribe.
Its Lungu’s fault. Who else?
Before you point all your fingers on the Hon President of the Republic of Zambia His Excellence Edgar Chagwa Lungu please take time to read other countries news…check out Nyasatimes, Nehanda news from Zimbabwe,Mnegi from Botswana
2016 Vote (PF) Edgar
I thank you
@katondo boys Kikiki so what is your point.with such level of reasoning our country can’t go anywhere thus why even morons like Kambwili think they can be president because of some dull Zambians like you katondo.
Another idio.t attempting to justify our situation because some of our neighbours are also in economic decline.Compare yourselves with countries like Tanzania which have well managed economies not Zimbabwe which has no official currency iwe chimbwi
Shaks, this is not good . Once we go above 30% inflation, which we will, there will be uncontrollable levels of price hikes and will cause chain-reaction leading to hyper-inflation
Kolopa dot com ,we do not need to go to second round voting . Only one blow to retire your god from political ring.
There is a need to start being honest. This is not Edgar Lungu’s fault or system alone. There has been a re-infiltration of the MMD back into power as part of the PF. Dora Siliya returned under the PF? There was a hint right there. Do I have faith in the UPND to not just take the PF’s place at the national table and do the same thing – I don’t. I don’t see any radical break with the IMF/WB or their methods of recolonisation through debt.
And who let MMD in through the back door?
Was this not LUNGU when he woke up to the fact that he was clueless and had no understanding of how to run the country?
THE BUCK STOPS WITH LUNGU! ZAMBIA IS NOW IN DEEEP SHlllT DIRECTLY DUE TO HIS PATHETIC JUDGEMENT AND FOOOLISH DECISIONS!
So let’s look at what was said in 2011 about using a Windfall Tax on profits, instead of going into billions of dollars worth of Eurobond debt. And that adamancy and stubbornness of the corrupt politician, who only sees contracts and debt to enrich themselves – may be a post-government job at a Bretton Woods institution or the biggest banks in the world – all of which owned by the same people.
(2012) Chikwanda describes advocates of windfall tax as lunatics
It isn’t just about the money you make, it is about the money you keep. A Windfall Tax would have been possibly smaller than the Eurobond debt, however it was completely debt free. Even if it was squandered, the taxpayer wouldn’t…
So let’s look at what was said in 2011 about using a Windfall Tax on profits, instead of going into billions of dollars worth of Eurobond debt. And that adamancy and stubbornness of the corrupt politician, who only sees contracts and debt to enrich themselves – may be a post-government job at a Bretton Woods institution or the biggest banks in the world – all of which owned by the same people.
Google: Chikwanda describes advocates of windfall tax as lunatics
It isn’t just about the money you make, it is about the money you keep. A Windfall Tax would have been possibly smaller than the Eurobond debt, however it was completely debt free. Even if it was squandered, the taxpayer wouldn’t end up owning more because of the (very high) interest rates on this debt.
For now it’s PF…..
PF is a total disaster on our economy. All indexes are on the red. PF was a failure from day one. Going into Govt without a plan to borrow for road construction and plunder, nxhaa. What is the purpose of having the ministry of finance and national planning. An extra day in Govt of PF is now a curse for Zambians.