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.”