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.
Very soon it is coming here! Run away before it comes! All nations pass through this nothing to be ashamed of or not to be expected! Run!
Kekekekeke where is @Jay Jay, “it’s really laughable”. Inflation in a 2018 in a democratic country??
Vizabwera vi ma tribals!
These increases are seasonal. Once harvest time is in full swing, prices of foods will stabilize.
Kuti
Some amount of inflation is a sign of a healthy economy. If the economy is healthy and the stock market is growing, consumer spending increases. This means that people are buying more goods, and by consequence, more goods are in demand. No inflation means that you do not have a robust economy – that there is no competitive demand for goods.
From basic microeconomics we know that if the demand rises because of higher personal income, the new equilibrium price is higher. Once prices rise, supply rises more (sellers of goods enter the market to take advantage of the opportunity i.e., growth in macroeconomic terms). Hence, prices reach a new equilibrium above the previous equilibrium. Trends can theoretically spiral upward, as increased supply indicating a healthy economy further boosts…
further boosts the demand and supply
Mr Sininyenga should tell the truth. I personally think that the figure is greater than 7.4%. The figure is double digit already.
Inflation this year will keep going up, it will even reach double digit before September. I run a small Katemba, and this month my income has reduced to half of what I used to make. Yesterday, I was telling myself that I need to brace myself for tough times ahead!!! PF has damaged the economy.
Why call a +0.7 change over a 12 month period an increase? Whose herd of cattle did not grow by more than 0.7 per cent since last year? Or is it goats, chickens, pigs, eggs, malasha, chiwawa and vegs harvests? What this tells is that whereas the price of some goods increased, others did not and others reduced indeed for an overall insignificant increase.
All those complaining consume a lot of luxuries like Brazil hair, Pogba senseless hair cuts, ka beer and numerous luxuries not included in the basic basket of goods used to compute the inflation index whose prices are spiraled. Those who don’t really suffer complain the most! True sufferers just voted YES to this stability!
He states that the annual inflation rate has increased BY 7.4% between april 2017 and april 2018 yet the the annual inflation has gone from 7.1% to 7.4% those figures dont add up so that then begs the question are the figures true.
There’s no production or products to control the inflation. The use of numbers/currencies to stem it works for a period, but at a certain point, other factors affect the results. It can be contained as they have done in the past 2 -3 years, but like a balloon, it can contain air to some capacity. It will burst. It is like a freight train out of control, it will keep going following the train tracks, but once it reaches a tricky corner, you will dance to reality. Keep watching. Insala yalaingila muchalo. In our case, we will be like Ethiopia but without a real drought like they had. Theft, theft, and theft will be to blame.
Fraudulent reporting