October inflation reduces to 6.4%

The country’s annual inflation rate for October 2017 has decreased to 6.4% from 6.6% recorded in September 2017.

Central Statistical Office r Director of Census and Statistics John Kalumbi has told a media briefing that this means that on average, prices increased by 6.4% between October 2016 and October 2017.

He says the movement of consumer prices indices show a steady increasing trend in the prices of commodities during the period of October 2016 to October 2017.

Mr Kalumbi, however, states that annual inflation rates over the same period have shown a decreasing pattern from 12.5% in October 2016 to 6.4% in October 2017.

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

Mr Kalumbi further states that the annual food inflation rate for October 2017 was recorded at 4.9% compared to 5.0% recorded in September 2017, representing a decrease of 0.1 percentage points

And Mr Kalumbi says Zambia recorded a trade deficit of K2,055.6 million kwacha in the month of September 2017 from a trade deficit of over K400 million recorded in august 2017.

He says the trade deficit means that the country imported more in September 2017 than it exported in nominal terms.