By Jane Chanda
Zambia Statistical Agency (ZamStats) Statistician General Goodson Sinyenga says Zambia’s annual inflation rate has surged to 15.5 percent in August 2024, driven by price movements of food items, particularly fish, milk, eggs, dried beans, and sweet potatoes.
Speaking at a media briefing in Lusaka yesterday, Sinyenga said the annual inflation rate for August 2024 increased to 15.5 percent from 15.4 percent recorded in July 2024, indicating an average increase in prices of goods and services by 15.5 percent between August 2023 and August 2024.”
Sinyenga attributed the surge in inflation to the increase in price movements of food items, stating that the annual food inflation for August 2024 was recorded at 17.6 percent compared to 17.4 percent the previous month, indicating an average increase in prices of food items by 17.6 percent between August 2023 and August 2024.
“The trade surplus recorded in July 2024 was mainly driven by the increase in export earnings from intermediate goods and consumer goods,” Sinyenga said.
He added added that exports increased by 4.7 percent to K25.8 billion, mainly driven by a 4.6 and 18.7 percent increase in export earnings from Intermediate goods and consumer goods, respectively.
Sinyenga pointed out that the total value of exports via all modes of transport for the month of January to July 2024 was K161.0 billion, with road transport accounting for the highest value at K149.8 billion, representing 93.0 percent.
He, however, noted that imports increased by 4.9 percent from K23.3 billion in June 2024 to K24.4 billion in July 2024, mainly due to a 17.6 and 6.8 percent increase in import bills of capital goods and Intermediate goods respectively.
“The cumulative total trade for the period January to July 2024 was K314.2 billion, representing a 34.8 percent increase from K233.1 billion recorded during the same period in 2023,” Sinyenga said.
