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INFLATION DROPS TO 19p.c

INFLATION DROPS TO 19p.c

By BUUMBA CHIMBULU

THE annual inflation for November, 2021 has dropped to 19.3 percent driven by price reductions in both food and non-food items, as Zambia’s total trade for this year so far increases to over K300 billion.

Zambia’s annual inflation rate for the month of November decreased to 19.3 percent from 21.1 percent recorded in October 2021, according to the Zambia Statistics Agency (ZamStats) interim Statician General, Mulenga Musepa.

Mr Musepa explained that the slowdown in annual inflation was mainly attributed to favourable price movements in both food and non-food items.

“This means that on average, prices of goods and services increased by 19.3 percent between November 2020 and November 2021,” Mr Musepa said yesterday in Lusaka when announcing the inflation rate for November.

Mr Musepa also said food inflation decreased to 25.4 percent from 28.1 percent in October 2021.

Meanwhile, Mr Musepa announced that the cumulative total trade recorded for the period January to October 2021 was K300.4 billion.

Mr Musep also indicated that total Trade in October 2021 decreased by 3.8 percent to K26.6 billion from K27.7 billion in September 2021.

“The cumulative Total Trade recorded for the period January to October 2021 was K300.4 billion, while the total trade recorded in 2020 for the same period was K189.9 billion, indicating a 58.2 percent increase,” he said.

Mr Musepa further announced that a trade surplus of K5.3 billion was recorded in October 2021 indicating a 11.0 percent increase from the September 2021 surplus of K4.8 billion. 

He explained that the increase in the trade surplus was driven by the decrease in imports which outweighed the fall in exports.

“Exports decreased by 1.6 percent to K16.0 billion in October 2021 from K16.2 billion in September 2021. Imports declined by 6.9 percent to K10.6 billion in October 2021 from K11.4 billion in September 2021.

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