ZAMBIA'S INFLATION RATE REMAINS STAGNANT AT 9PERCENT DESPITE FUEL INCREASES

THE ANNUAL INFLATION RATE AS MEASURED BY THE CONSUMER PRICE INDEX STILL REMAINS AT 9PERCENT DESPITE THE INCREASE IN FUEL PRICES IN THE COUNTRY.

MEANWHILE THE ANNUAL INFLATION RATES FOR FOOD HAS RECORDED A DECREASE AND NOW STANDS AT 4.5PERCENT FROM THE PREVIOUS 5.2PERCENT IN JANUARY 2011.

CENTRAL STATISTIC OFFICE ACTING DIRECTOR WILLIAM MAYAKA DISCLOSED THIS DURING THE ANNUAL QUARTERLY MEDIA BRIEFING TODAY IN LUSAKA STATING THAT THE RECENT INCREASE IN FUEL PRICES WILL BE REFLECTED IN THE MARCH CONSUMER PRICE INDEX.

MR MAYAKA SAYS OF THE TOTAL 9PERCENT ANNUAL INFLATION RATE IN FEBRUARY 2011, FOOD PRODUCTS ACCOUNTED FOR 2.2PERCENT, WHILE NON-FOOD PRODUCTS IN THE CONSUMER PRICE INDEX ACCOUNTED FOR A TOTAL OF 6.8PERCENT.

AND IN THE SAME VEIN MR MAYAKA HAS DISCLOSED THAT ZAMBIA HAS RECORDED  AN ALL TIME HIGH TRADE SURPLUS OF ABOUT 1,484.3BILLION KWACHA IN JANUARY THIS YEAR MEANING THAT THE COUNTRY EXPORTED MORE IN JANUARY 2011 THAN IT IMPORTED IN VALUE TERMS.

HE SAYS THE MAJOR EXPORT PRODUCTS IN JANUARY 2011 WERE FROM THE INTERMEDIATE GOODS CATEGORY MAINLY COMPRISING COPPER CATHODES AND SECTIONS OF REFINED COPPER AND COPPER BLISTER ACCOUNTING FOR ABOUT 90.7PERCENT AND OTHER EXPORTS INCLUDED RAW MATERIALS AND CAPITAL GOODS.

THE ACTING DIRECTOR FURTHER POINTED OUT THAT THE COUNTRY’S MAJOR DESTINATION IN JANUARY 2011 WAS SWITZERLAND WHICH ACCOUNTED FOR 62PERCENT FOLLOWED BY CHINA, SOUTH AFRICA, DEMOCRATIC REPUBLIC OF CONGO AND THE UNITED KINGDOM FALLING IN THE FIRTH POSITION RESPECTIVELY.

AND IN REGIONAL GROUPING MR MAYAKA SAYS THE SOUTHERN AFRICAN DEVELOPMENT COMMUNITY WAS THE LARGEST MARKET FOR ZAMBIA’S TOTAL EXPORT WHICH ACCOUNTED FOR 16.5 AND 17.7PERCENT IN JANUARY 2011 WITH ASIA FOLLOWING IN THE SECOND PLACE AND THE COMMON MARKET FOR EASTERN AND SOUTH AFRICAN GROUPING COUNTRIES FALLING IN THE THIRD PLACE.

PUBLISHED BY AUGUSTINE M SICHULA