Zambia’s inflation soars in September

Zambia’s annual rate of inflation for the month of September increased, according to figures released Thursday by the southern African country’s Central Statistical Office (CSO).

The inflation rose from 6.4 percent recorded last month to 6.6 percent.

“The increase is attributed to increases in prices of food and some non-food items,” John Kalumbi, the CSO Director, told journalists during a monthly briefing.

According to the CSO, food products accounted for 3.9 percentage points while non-food products accounted for a total of 2.7 percentage points.

The annual rate food inflation was recorded at 7.5 percent in September compared to 7.3 percent recorded in August while the annual non-food inflation was recorded at 5.6 percent from 5.5 percent.

Last week, the government announced that the country will end the year with a single digit inflation as projected in the 2012 budget though analysts feel that the recent increased minimum wage will have an effect on the inflation rate.

Since the announcement of the new minimum wage, prices of commodities, ranging from food stuffs to bus fares have been increased.

Courtesy: globaltimes.cn

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