OCTOBER INFLATION RATE DROPS

Fri, 27 Oct 2017 10:43:35 +0000

By Mailesi Banda

 THE inflation rate as measured by the all item Consumer Price Index for October 2017 has decreased to 6.4 percent compared to 6.6 percent recorded in September, Central Statistical Office, director of census and statistics, John Kalumbi has said.

Mr Kalumbi said movement of consumer price indices show a steady increase trend in the prices of commodities during the period of October 2016 to 2017.

Speaking during the presentation of the monthly bulletin, Mr Kalumbi said the annual inflation rates over the same period have shown a decreasing pattern from 12.5 percent in October 2016 to 6.4 percent in October 2017.

He attributed the downward movement in the annual inflation rate to price movements in both food and non-food items.

“The year on year food inflation rate for October 2017 was recorded at 4.9 percent compared to 5.0 percent recorded in September, This represents a decrease of 0.1 percentage points. The decrease in the annual inflation rate is attributed to price changes for bread and cereal,” he said.

Mr Kalumbi noted that the year on year nonfood inflation rate for October 2017 was recorded at 8.2 percent from 8.4 percent recorded in September 2017 indicating a decrease of 0.2 percentage points.

He explained that the decrease in the non-inflation is mainly attributed to the decrease in clothing adding that the total 6.4 percent annual inflation rate recorded in October 2017 food and nonalcoholic beverages accounted for 2.6 percentage points while non-food items accounted for a total of 3.8 percentage points.

Mr. Kalumbi said the month on month inflation rate for the month of October 2017 is recorded at 0.4 percent compared to 0.3 percent recorded in September 2017 showing an increase of 0.1 percentage points.

Mr Kalumbi announced that the Eastern Province has the highest annual rate of inflation at 9.5 percent followed by the North -Western and Western provinces at 7.3 percent each while Luapula Province recorded the lowest annual inflation rate of 3.5 percent.