Zambia’s August inflation rate eases

 Zambia’s August inflation rate eases

Zambia’s August inflation rate eases.

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The Annual inflation rate for August 2021 decreased to 24.4 percent from 24.6 percent recorded in July 2021 mainly attributed to price movements in non-food items figures from The Zambia Statistics Agency (ZamStats) show.

This means that on average, prices of goods and services increased by 24.4 percent between August 2020 and August 2021.

“The decrease in the annual rate of inflation was mainly attributed to price movements in non-food items. The annual non-food inflation rate for August 2021 was recorded at 16.3 percent from 17.0 percent in July 2021. The decrease in inflation rate was mainly attributed to Price decreases in Purchases of Motor vehicles (Toyota Hilux, Toyota corolla, Nissan Almera 1.5 L Acenta,Nissan Hardbody,” Zamstats said.

The annual food inflation rate for August, 2021 was recorded at 31.6 percent compared to 31.2 percent recorded in July 2021, an increase of 0.4 percentage points mainly attributed to increases in prices of food items such as Meats (Brisket, Mixed Cut, T-bone, Beef Sausages, Goat meat, chicken frozen and chicken live); and Fruits (Oranges, Lemons, Bananas, Apples).

“The Index for the food and non-alcoholic beverages main group increased by 31.6 percent between August 2020 and August 2021. Prices of items in this group generally increased by 31.6 percent during the 12-month period compared to 15.5 percent over the corresponding period in 2020 and higher than 31.2 percent recorded in July 2021,”

The Consumer Price Index (CPI) for the alcoholic beverages and tobacco main group increased by 13.3 percent between August 2020 and August 2021. This was higher than 11.1 present in the same month of 2020 and below 11.6`percent recorded in July 2021.

The CPI for the clothing and footwear main group increased by 16.1 percent between August 2020 and August 2021. This was above 8.8 percent in the same month of 2020 as well as above 13.3 percent in July 2021.

Zamstats said CPI for the housing, water, electricity, gas and other fuels group increased by 22.7 percent between August 2020 and August 2021. This was above the 18.8 percent recorded in the same month of 2020 and as well as above the 21.6 percent recorded in July 2021.

“The CPI for the Alcoholic Beverages and Tobacco main group increased by 13.3 percent between August 2020 and August 2021. This was higher than 11.1 percent in the same month of 2020 and below 11.6`percent recorded in July 2021,” Zamstats said.

Zamstats highlighted that the CPI for the furnishing, household equipment and household maintenance main group increased by 21.2 percent between August 2020 and August 2021. This was higher than the 12.4 percent in the same month of 2020 and as well as above the 19.7 percent recorded in July 2021.

“The CPI for the Restaurant & Hotel main group increased by 14.1 percent between August 2020 and August 2021. This was higher than 9.7 percent in the same month of 2020 and 13.2 percent in July 2021,” Zamstats said.

Fidelity Hamilton Mhlanga

Fidelity Hamilton Mhlanga has been writing finance and business news over the past 5 years. He earned a BSC in Media and Society Studies and Masters of Development Studies from Midlands State University, in Zimbabwe. He follows mining, insurance, banking and energy stories. He is passionate about development and growth.

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