Zambia’s inflation drops to single digit

Zambia’s inflation slowed in the year to December, falling into single digits for the first time in 21 months, data from the Central Statistical Office showed on Thursday.

The CSO said inflation braked to 9.9 percent year-on-year in December from 11.5 percent in November, the first time it has been below 10 percent since March 2008.

“The decline of 1.6 percentage points in annual inflation rate in December 2009 was as a result of the decrease in some food prices,” it said in a statement.

The CSO also said Zambia recorded a trade surplus of 322.9 billion kwacha in November after a surplus of 299.5 billion kwacha in October

Zambia’s major export products in November were from intermediate goods, mainly copper products.

In November, central bank Governor Caleb Fundanga said the southern African state had revised its end-December 2009 annual inflation forecast to 10 percent from the previous figure of 12 percent due mainly to falling food prices.

Reuters

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