Inflation rises by 15.4% as trade surplus declines by 53.3%, ZamStats

ZAMBIA- During its scheduled release of June’s Consumer Price Index (CPI) and inflation data, the Zambia Statistics Agency (ZamStats) has revealed annual inflation has increased by 15.4% in June 2024 compared to June 2023. 

The 15.4% increase in the price of goods and services is attributed to price movements of various food items. ZamStat also revealed the country’s annual food inflation for June increased by 17.4%, fueled by an increase in the price of fritters, maize, cassava, fresh fish, bread, breakfast, and roller mealie meal, and fresh kapenta, eggs, cooking oil, and sugar.  

On a month-on-month basis, the average price of a 24-kilogram bag of breakfast mealie meal increased by 0.98%, from ZMW 331.23 (US$12.69) to ZMW 334.48 (US$12.81), while that of roller mealie meal increased by 1.92% from ZMW284.35 (US$10.89) to ZMW289.82 (US$11.1). 

ZamStat also revealed the monthly national average price of a 20-litre tin of Maize Grain increased by 2.7% from ZMW176.16 (US$6.75) to ZMW179.20 (US$6.9).  

On an annual basis, retail prices between June 2023 and June 2024 showed that the national average price of a 25kg bag of Breakfast Mealie Meal increased by 47.76% from ZMW226.37 (US$8.67) to ZMW334.48 (US$12.85) while that of a 25 kg bag of Roller Mealie Meal increased by 56.83% from ZMW184.8 (US$7.08) to ZMW289.82 (US$ 11.11). 

The price increase is attributed to poor agricultural production and global supply chain challenges.  

However, nonfood inflation declined in June 2023 compared to 2024. 

Goodson Sinyenga, ZamStat’s General Statistician, said, “The annual nonfood inflation for June 2024 was recorded at 12.6 percent compared to 13.0 percent. This outturn was mainly attributed to decreases in prices of nonfood items such as major household appliances such as refrigerators, washing machines, microwave ovens, pharmaceutical products, diesel, petrol, and passenger transport by air.” 

This decline in nonfood inflation caused a balance in overall inflation, recording a slight monthly increase. The overall monthly inflation for June 2024 increased by a single percentage point compared to the 1.3% recorded in May.  

Zambia also recorded a 53.3% decline in trade surplus from ZMW3 billion (US$114.9 million) to ZMW1.4 billion (US$53.6 million) between June 2023 and June 2024. 

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