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Alba Iulia
Monday, June 27, 2022

Zambia’s annual inflation continues powering upwards

Economy Zambia's annual inflation continues powering upwards

The year on year inflation for February 2020 increased to 13.9 percent from 12.5 percent in January 2020.

This means that on average, prices of goods and services increased by 13.9 percent between February 2019 and February 2020.

Zambia Statistics Agency Interim Statistician-General Mulenga Musepa told Journalists in Lusaka on Thursday that the increase in the annual rate in inflation was mainly attributed to price increase in both food and non – food items.

“The year-on-year food inflation rate for February 2020 was recorded at 15.9 percent compared to 15.4 percent recorded in January 2020. This development was mainly attributed to price movements of food items such as maize grain and meats (chicken, beef and pork sausage, t-bone and mixed cut),” he said.

“At provincial level, Lusaka Province made the highest contribution of 4.6 percentage points to the overall annual inflation rate of 13.9 percent recorded in February 2020. This implies that the price movements in Lusaka Province had the highest influence to the overall annual rate of inflation. Copperbelt Province had the second highest contribution of 2.6 percentage points while North Western and Western Provinces had the lowest contribution of 0.4 percentage points.”

On international merchandise trade, Zambia’s trade surplus increased by 248.8 percent from K674.3 million in December 2019 to K1,351.8 million in January 2020.

Mr. Musepa said both imports and exports recorded decreases, though the decrease in imports outweighed that of exports resulting into rise in the surplus.

“Exports which mainly comprise of domestically produced goods decreased by 3.2 percent from K8,656.1 million in December 2019 to K8,375.0 million in January 2020. This decrease was mainly attributed to decreases in export earnings from intermediate goods and capital goods category at 4.4 percent and 10.8 percent respectively,” he disclosed.

“Imports decreased by 24.5 percent from K7,981.8 million in December 2019 to K6,023.3 million in January 2020. This decrease in imports was mainly attributed to decreases in the import bill for the consumer goods and capital goods category at 28.4 percent and 26.5 percent, respectively.”

13 COMMENTS

  1. On 31-03-2017 Lusaka Times reported that inflation for February 2017 marginally decreased from 6.8% to 6.7%. Who would have imagined that just three (3) years later inflation would more than double to 13.9%. All this is under the ABLE Leadership of ECL.

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  2. All economic fundamentals are heading in the wrong direction. If a CEO in your company is giving you results of this kind, what would you do? Gladly congratulate them for job well done? Close the company or show them the door?

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  3. A Government of thieves spivs, crooks, pimps & dishonest pirates who rely on Superstition -(Seer -1 & National prayers) for the economy to improve, whilst plundering the nation blind, CANNOT MANAGE A NATION!!
    Imagine useless illiterate Brutes like (Ch!mp)y0ngo & C0ffindozer B0wman in top positions running affairs of Government??
    These 2 are only qualified & fit to be security guards, – (Ch!mp)y0ngo at Leopards Hill, & C0ffindozer Lusamb0 at Chingwere chapwa.
    ZAMBIANS YOU WERE WARNED, your chosen leader told you he had NO vision whatsoever! These are the desired results, ENJOY!!!

  4. Spaka and Engineer: Don’t get excited, donkeys. In this information age, you must realise that the global economy is depressed and Zambians are aware of this fact. Japan is in recession, India is in recession, China has slowed down because of corona virus, Europe hasn’t grown sustainably for some time now, AND ZAMBIA IS SUPPOSE TO BE SPARED AS IF IT IS UNIQUE??? Just today RSA imposed new taxes on products we import daily, so how will we be spared from inflation??

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  5. @ Zambian Citizen you may be probably right about the slow down in the global economy, but that is were our leaders need to take the lead in galvanizing the population to put in more effort in enhancing productivity. If in the 1930s all the industrialized nations sat back and said the great depression was global, we would still be behind in development to this day. Lets shade off the view that if my “neighbor’ is struggling then I might as well struggle too. Then who will lift the other? It has to start somewhere and I believe Zambians have it in them to change things for the better

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  6. It’s perfectly fine to say I can’t do this job and I resign. Zambian people will respect you more than hang on until they force you out

  7. During Rupiah Banda’s years Zambia’s economic growth averaged 6.1% now we’re down to just 2% under PF and inflation is up to 13.9 % meaning we’re only getting poorer.

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