Zambia’s annual inflation rate for May has increased by 0.5 percent. The inflation rate now stands at 7 percent from last month’s 6.5 percent.
Central Statistical Office -CSO- Acting Director Goodson Sinyenga has attributed the increase to an increase in the prices of non food and some food items.
Mr. Sinyenga has told a media briefing today that food products accounted for 3.3 percent while non food products accounted for 3.7percent.
He has stated that the removal of subsidies on maize and fuel is expected to further lead to a rise in inflation as producers of commodities are likely to pass on the extra costs onto consumers.
Meanwhile, April has so far recorded the highest trade surplus so far this year currently standing at 3-hundred and 29 point 5 million kwacha rebased up from 3-hundred and 7 point 2million kwacha rebased in March.
Mr. Sinyenga says this means that the country exported more than it imported in April 2013.
And Government has signed a Memorandum of Understanding with Stanbic Bank that will see over 3 -hundred local contractors take part in the on going road construction projetcs.
Under the Agreement the contractors will be able to acquire equipment using the Banks’s Vehicle and Asset Finance System through partners and suppliers.
The Agreement was signed between the National Road Fund Agency, The Road Development Agency and Stanbic Bank.
And speaking during the signing ceremony, Transport Minister Christopher Yaluma says the MoU marks the beginning of a consultative process which will see more local players participate favourably in the construction sector.
Mr. Yaluma has commended Stanbic bank for joining forces with road sector agencies in availing adequate and affordable credit lines to contractors and equipment suppliers through the agreement.
And Stanbic Bank Chief Executive Dennis Kennedy says local contractors through the agreement will be able to acquire equipment using the existing vehicle asset finance through partners and suppliers.
At the same occasion, Road Development Agency Board Chairperson Willie Nsanda called on local engineers to work harder to ensure better quality road works.
It is interesting that these days, we are only given the statistic without the raw data used to arrive at it. How is it possible that inflation is in single digits when most goods went up by more than 10% in the month? This is a cooked statistic
Raw data? Really now. Which statistical office produces inflation and gives you raw data?