Central Statistical Office has announced a reduction in the annual inflation rate during the mouth of July 2012.
CSO Director of Census John Kalumbi says the country has recorded a reduction from 6.7 percent in June to 6.2 percent in July.
ZANIS reports that Mr. Kalumbi announced the development during a press briefing in Lusaka today.
He revealed that the annual food inflation rate was recorded at 6.3 percent in July, 2012 compared to 7.1 percent recorded in June 2012.
Mr. Kalumbi attributed the reduction in the inflation rate to the reduction in the prices of some food and non food items.
He said the annual rate of inflation as measured by the all items Consumer Price Index (CPI) reduced to 6.2 percent in July 2012 from 6.7 percent in June 2012.
He explained that the scenario means that on average there was price reduction by 6.2 percent between July, 2011 and July 2012.
Mr. Kalumbi also disclosed that between June 2012 and July 2012, the annual rate of inflation decreased for food and non-alcoholic beverage such as furnishings, household equipment, routine house maintenance, housing, water, electricity, fuel to mention but a few.
He added that during the same period, inflation increased for alcoholic beverages, tobacco, clothing, education, health, hotel and Restaurant services.
Mr. Kalumbi stated that the monthly food inflation rate was recorded at 0.8 percent in July 2012 compared to the -0.4 percent recorded in June 2012.
He explained that this then implies that the monthly food and non food inflation rate increased in July 2012 by 1.2 and 0.2 percentage points respectively.
Mr. Kalumbi added that the largest provincial contribution to the annual inflation of 6.2 percent recorded in July 2012 was from the Copperbelt province with 1.5 percentage points.
He stated that this was followed by Lusaka province with a contribution of 1.1 percentage points and that the lowest provincial contribution to the inflation was from Northern and North Western Provinces accounting for 0.2 percentage points each.
And on International Merchandise Trade, Mr. Kalumbi said Zambia recorded a trade surplus valued at K113.6 billion in 2012 from K278.3 billion recorded in May, 2012, representing a decline of 52 percent.
Mr. Kalumbi further said that the country exported more in June 2012 than it imported in nominal terms despite the decline in the trade surplus.
He stated that since January 2012, the country has had monthly trade surpluses with the highest valued at K351.2 billion recorded in January 2012 followed by K278.3 billion in May 2012 and that the lowest was in February 2012 which was valued at K47.4 Billion.
ZANIS
Were in the world do you get these figures?? July has seen prices of all things go up ever since that minimum wage animal was announced
We want jobs, not figures that are not understood by a common Man.
Central Statistical Office has announced a reduction in the annual inflation rate during the MOUTH of July 2012.
Is it mouth or month???????????? LOL I use my month to eat, there 12 mouths in a yr.
lol
No piont beign clevre. Obvoisly you hav understood whta he is sying.Â
Routine house maintenance? CSo….jokers!
Are the following statements properly attributed to the Director? “Mr. Kalumbi attributed the reduction in the inflation rate to the reduction in the prices of some food and non food items.” “He explained that the scenario means that on average there was price reduction by 6.2 percent between July, 2011 and July 2012.” Firstly, have the prices really declined? Secondly, inflation reduction to 6.2%, in my view means the rate at which the prices increased (grew) had reduced to 6.2%, from increasing at a rate of 6.7%. Not that the prices themselves came down by that absolute %age quoted – peepe kaka!
LT, seriously…do you have editors or even a grade 12 pupil to look over your articles before you publish them?
@KBM that is the correct interpretation an do not think it was Mr Mumbi that said that. It must have been the reporter who was trying to interpret the statement by CSO. On the figures themselves, i do not tend to believe that inflation in Zambia has dropped that low. With such low inflation over such as long time, we would have seen interest rates coming down. I believe these are figures made up to please government. My guess is that real inflation should be around 10 to 12 %
I remember John Kalumbi from Katete National Service camp (kwa Chiwoko) from December 1980 to June 1981. We were in the same company!
bRIAN MEET ME AT CROSS ROADS OF NBELTLINE AND CUSTER PROBABLY TOU WOULD EXPLAIN THIS BETTER. DID JOHANE CONSULT AND SYNCRONIZE THE FIGURES WELL?
the fact that trade surplus is failing (by 52%) is not a good sign people. we need to learn to read between lines. PF govt what are you doing about this and what measures are you putting in place to ensure you maintain a healthly cash balance sheet? I hope you have some of your ministers thinking of this and not just defending nepotism (or straight tribalism) by GBM and the rest.
@KBM is right, the rate of increase has reduced to 6.3% and not what kalumbi says – that prices have reduced by that self-same percentage. If indeed Kalumbi did say that, then his employers must seriously re-consider his position. And then, what the hell is the Director of Census got to do with announcing inflation figures – maybe that’s why he’s getting all muddled up.
How come we do not feel these positive indicators. Life seems to be getting worse. I hope they are not sexed up figures.
KBM #5 I dont think the reporter knows what she is reporting on.
KBM #5, you are right. In Economics when they say inflation has decreased from 7.1% to 6.2% they mean that prices are still rising but at a lower rate of 6.2%, not that prices have decreased. But then we want to paint a good picture of government performance don’t we? I mean, we now want to believe the same CSO figures which we rejected as falsehoods when we were campaigning for Sept 2011. Finally, according to Winter Kabimba, we must report in line with the PF manifesto which states that PF shall reduce prices of commodities, provide employment to all our people and put more money in people’s pockets. According to Winter if you don’t see these things which he sees clearly, then you need to visit his office so that he can explain the PF manifesto.
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PF policies now taking root. A decline of 52% in trade surplus gives a correct picture of what is happening to Zambia’s economy in general.
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