By JUDITH NAMUTOWE
ZAMBIA’s annual rate of inflation for this month has increased by 0.1 per cent from 7.8 per cent recorded in September 2014 to 7.9 per cent while the trade surplus reduced to K100.2 million.
The annual rate of inflation as measured by the all items Consumer Price Index (CPI) for October 2014 was recorded at 7.9 per cent.
This means that on average, prices increased by 7.9 per cent between October 2013 and October 2014.
“Of the total 7.9 per cent annual inflation rate recorded in October 2014, food and non -alcoholic beverage products accounted for 3.7 percentage points, while non-food products accounted for 4.2 percentage points,” Central Statistics Office (CSO) director John Kalumbi said in a statement yesterday.
Mr Kalumbi said that between October 2013 and October 2014, the annual rate of inflation increased for food and non -alcoholic beverages, housing and water, electricity, gas and other fuels.
He said the annual rate of inflation increased for Copperbelt, Luapula, Lusaka and Western provinces, while it decreased for Central, Northern, Muchinga North-Western.
The annual rate of inflation remained the same for Eastern and Southern provinces.
He said Central Province had the lowest annual rate of inflation at 6.1 per cent in October 2014.
In terms of balance of trade, Zambia recorded a trade surplus valued at K100.2 million in September 2014 indicating a reduction from K102.1 million recorded in August 2014.
Mr Kalumbi said that this means that the country exported more in September 2014 than it imported in nominal terms.
Zambia’s major export products in September were from the intermediate goods category comprising copper cathodes and sections of refined copper accounting for 84.6 per cent.