Zambia’s inflation rate has increased from 7.0 percent last month to 7.1 percent in December with Lusaka province contributing the highest points of 2.2 percent.
Central Statistical Office (SCO) Director John Kalumbi said out of the total 7.1 percent annual inflation rate, food and non alcoholic beverages accounted for 3.2 while non food products accounted for 3.9 percentage points.
Mr. Kalumbi added that Copperbelt province had the second highest provincial contribution of 1.2 percentage points while Luapula province had the lowest at 0.3 percentage points.
He attributed the rise in inflation to the increase of prices for foodstuffs such as mealie meal and maize grain, while the annual rate of inflation for housing, electricity, gas and other fuels reduced.
ZANIS reports that Mr. Kalumbi was speaking when he addressed journalists in Lusaka today.
And Mr. Kalumbi has disclosed that Zambia has recorded a trade deficit valued at K327 million in November from a trade surplus of K43 million recorded in October this year.
He explained that this is the first trade deficit the country is experiencing since January 2013 and attributed it to the high importation of products in November this year than exports in nominal terms.
In a related development, Mr. Kalumbi said Zambia has recorded a decrease in the total value of metal exports from K3, 757 million in October to K3, 210 million in November 2013.
Mr. Kalumbi said the overall contribution of metal and their products to the total export earning in November and Octobers 2013 averaged to 72.1 percent.
ZANIS
Come on, why did we get rid of RB, look now what is happening!
What do you expect with a president who never even made kinder garden? We told you and you laughed at us…
Ati man of action kanshi chipuba ne bange mumutwe
RB got rid of himself. He is a political dwarf.
Hahahahaha. Ati the Engineer you have really made me laugh. You are very funny I just can’t stop. I can’t comment like that myself but am sure it’s not an offence to enjoy some serious humour if there is anything like that. Have a nice day
When some of us told you that Sata can’t run a country you labelled us as demagogues and called us bad names. You see now!
The solution has been put forward by UPND. Come January 8 th all of you should join hands and send a message to Sata and his sinking ship that you don’t want him any more. Protest and more protests are what changes things in Africa and the world beyond thats why African leaders don’t tolerate them.
Internte cafes are closed and PF cadres can not blog. Sorry for these quakes.
What is scaring is the enormity of the drop from November. To drop from +ve K43 m (surplus) to -ve K327 m (deficit) in one month should send shivers down our spines.
This means a net drop of K370, 000, 000. With just one drop, all net surpluses for June (K150m), July (K94m), Aug (K46m), Sept (K53m) and Oct (K43m) have effectively been wiped out. This year the highest surplus was in April with K329.5m.
In Sept 2011 when Paya Farmer took over, the TS was then K1,179 tn (or K1, 179 bn rebased.) Feb and May 2011 were K1,48 tn (K1,48bn rebased) and K2,11 tn (or K2.11bn rebased). From Sept 2011 the downward drop started.
And yet we have adamant people claiming Zambia is doing better. Really!!!
The President had a closed meeting at state house with foreign millers, he wants them to come and invest in Zambia. Viva PF!!!
No one can invest in a product whose price is controlled by the state… i guess common sense is not common in PF
The President had a closed door meeting at state house
with foreign millers, he wants them to come and
invest in Zambia. Viva PF!!!
And thats good solution is it, just by-pass the local businesses?
Which campanies? and will they find maize?
PF Paya farmers zoona.
Look at what the fool from muchinga province is doing to our country. Wait till his done destroying,we will just throw it in the dustbin. What told you foolish zambians not to vote for this monkey but you mocked us. Lusaka was the second fastest growing city after Accra when RB was presido but now dunderheads have taken the country backwards.
Lazil, please keep quiet and let big people articulate things…. but then again maybe you’re just being sarcastic in which case hahaha. Anyway, this trend will continue because I can not even picture the dull chaps we have at the helm coming up with ANY solutions apart from borrowing. PF cadres, I really would like to hear your take on this seeing that some of us had foreseen this a very very long time ago!
awe this is raising concern. The previous government worked very hard to stabilise the economy and strengthen the macroeconomic indicators. These indicators had were off balance for more than 20 years. Why should we go back in only two years of PF rule. We need to find a way forward Zambians. In the last ten years we never heard of deficits. Where are they coming from? Even more, we have budget deficit, plus borrowing, awe God help Zambia, we are on bended knees.
Even with their mistakes, the previous managed to bring back confidence in the economy and won the hearts of the international community and the investors. We were once again a proud nation Zambia was becoming an investment destination. We need God’s help Zambians, we need to keep Zambia’s regained glory. God help n bless…
Economic prosperity is never accidental. Zambia’s economy is currently on auto-pilot. The guys now in charge have no clue what to do to turn things around. Their only interest is more money in their pockets. Anyway, isn’t that what the Zambians wanted?
When the blind leads the blind, they both fall into the ditch and die. The guy in the driver’s seat is just as blind as my illiterate mother!
Tribalism + Pride = ?
= big trouble
and
dictatorship + illiteraccy = poverty
= can’t eat inflation
Zambians naturally are lazy. Whilest Chinese are working hard and getting less money, you are busy crying for more money in your pockets. Do your maths. Nothing comes on a silver plate. Apart from the metal exports, Zambia has a constant trade deficit due to not producing much but importing everything including simple things that can be manufuctered by some lazy Zambians wanting to get a job in a foreign owned company instead of Thinking Big and venturing into Entrepreneurship. Think Global! Every negative Zambian must become positive for once. Read history governments do not develop nations. A hard working society makes their government rich and not the other way round. I’m tired of reading negative comments from Zambians. Aren’t there some positive thinkers I can work with in Africa?
So if you have the solutions why dont you go and help instead of commenting from an armchair ??
How many Zambians think globally? Only a selected few chosen elite great enthusiastic Big Thinking Zambians will change Zambia because most Zambians think small of themselves. They don’t see themselves becoming the innovators and inventors of Zambia. In a very competitive world, desperate times call for desperate measures. Do not carry on the DNA of slave trade that saw a lot of Africans sold as slaves. I keep on wondering why other races weren’t targeted. It’s simple. Africans have got a big problem.E.g. On this blog I haven’t seen any positive solutions apart from negative condemnations. Your complaints won’t change the course of the universal laws of hardwork=advancement. A toast to positive Zambian world changers. Always out think the negative thinkers and show them the way…
In as much I agree with you , I would like to point out that the government has a duty to provide a conducive environment for local business ventures to thrive. Un fortunately the PF lacks that ability in totality. National wealth creation is supposed to be shared in the ratio 35% government and 65% private sector.
How do you develop when getting a Bank Loan is almost an impossibility particularly if one is genuine.For some reason,crooks easily obtain loans which later they try hard to evade paying back.Check all the countries which you sing that the citizens are the ones making Government rich and not the other way round.Their Financial environment is very conducive to any serious local investor.What about Zambia????
I remember sata saying he was tired of being a conductor and he said he wants to be a driver,some passengers objected that he is better as a next apo ,but some passengers said no bazeba kuyenza,this minibus is heading in the ditch,we need someone to control the steering wheel otherwise we will all perish.
Guy Scott is a hired gun out to destroy Zambia for the colonialist. Scott once-upon-a-time exhibited so much clout and we imagined he would watch over Micheal once in govt, but, alas …how wrong we were! Scott is enjoying every bit of our suffering, the country is slipping away under his watch. I see no Muzungu touch in this Gods’ foresaken govt; I see no difference between him and all other haters of the black continent. Of course we brought it on ourselves.
Ba LT point of correction.
You say this is the ” first trade deficit the country is experiencing since January 2013″
This is the first trade deficit in FOUR Years – meaning its the first since JANUARY 2009. Not 2013
MMD under Mwanawasa and RB was very attractive to foreign investment. Chaps were proud to be Zambian’s. Our fellow Sadc countries and the rest of Africa admired Zambia because of the economic progress. What a shame that what the previous government built can be destroyed in less than 3 bloody years. This is sad. 2016 come quickly. We are laughing stocks.
Warning was sounded in good time, that price controls does not work, subsidies are everywhere in the world. harder times are just but at the corner
Looking at the FDI and creation of value addition services reversing the deficit,Retention of most monies in projects investments thru carefully framing and managing contractual documents with the material and construction component significantly being local resulting in value creation for the local reversing the above though not shorterm
It will not be a bad idea to look at the Financial account and capital account of the country and ineacting policies that appropriately correct the reported.Its not that its foregone but gov can react to redress the same given Zambias immerse human capital and other resources
Its good that central statistics have reported that
So much ooportunity for value addition here in Kalulushi,Ndola and Kitwe including Chingola cafefully following the ZCCM support services model
Then other sectors of the economy simply follows that with the support of MOF through its flexing arms ZRA BOZ and report lines like Mr Kalumbis central Statistics,the trend can be projected and attempts made to correct in the near or foreseeable future its every Zambian wish not mere supplying of overalls to the construction and mining sectors that have seen massive FDI and other investments
So much opportunity to exploit given Gov support and initiatives
Certain initiatives like economical zones have created more value to foreign nationals than value addition and retaintion in sectors that support the reverse of above
Economic zones should not be a ring fence for a minority few investors but rather for many Zambians that will postively and directly affect the creation and retaintion of value within the country thereby affecting the FA and CA of the country without sending monies in the sectors to maria maria in the far
Sata, chikwanda, just borrow more to address this deficit, Zambia is endowed with riches of minerals, after all all countries survive on borroed manee.
One poor result in four years you are blogging like doomsday is upon us.Hold your fire unless this develops into trend.
@ Wenzelu
The conducive environment was provided by Chiluba when he liberalized the economy.
You say,national wealth creation is supposed to be shared in the ratio 35% government and 65% private sector.
The distribution of wealth or income is based on what you call functional distribution. This depends on how much resources each household has invested in the economy. Labor(wages & salaries) ,business (proprietors profits), stock (dividends) interests( money in the bank or other debt instrument) and land ( rent).
This is how wealth in an economy is shared.You need to be engaged any of the above activities.