The annual inflation rate for June 2022 has reduced to 9.7% from 10.2% recorded in May 2022. This means that on average, prices of goods and services increased by 9.7% between June 2021 and June 2022.
Zambia Statistics Agency-ZAMSTATS said the slow down in inflation is mainly because of the price movements in both food and non-food items. Food inflation decreased to 11.9% from 12.3% in May 2022 while non-food inflation decreased to 6.9% from 7.5% in May 2022.
ZAMSTATS-Interim Statistician General Mulenga Musepa however noted that annual inflation for June 2022 increased for Lusaka (8.2% from 8.0%), Northwestern (13.9% from 13.2%) and Southern (10.9% from 10.5%) provinces.
According to information made available to the Zambian Business Times-ZBT, Musepa said total trade in May 2022 decreased by 6.9% to K31.2 billion compared to K33.6 billion in May 2021 and a trade surplus of K3.4 billion was recorded in May 2022 indicating a 14.1% decrease from a surplus of K3.9 billion in April 2022.
Musepa mentioned that the reduction in the trade surplus was driven by an increase in imports noting that imports increased by 12.2% to K13.9 billion in May 2022 from K12.4 billion in April 2022 adding that the increase in imports was mainly on account of 18.4% and 23.1% increases in import earning from raw materials and intermediate goods respectively.
He explained that exports increased by 5.9% to K17.3 billion in May 2022 from K16.3 billion in April 2022 and the increase was mainly on account of 15.9% and 5.8% increases in export earnings from raw materials and intermediate goods, respectively.
