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Zambia's annual inflation hits double digit

Xinhua, October 29, 2015 Adjust font size:

Zambia's year-on-year inflation rose sharply in October on account of sharp increases in prices of products, its statics agency said on Thursday.

The inflation rate hit 14.3 percent in October compared to 7.7 percent recorded in September, according to the Central Statics Office (CSO).

John Kalumbi, the CSO Director told reporters during a monthly briefing that the increase in the annual rate of inflation is due to both food and non-food items which recorded sharp price increases on account of the depreciation of the local currency.

The local currency has depreciated significantly this year due to a fall in copper prices and reduced demand of the red metal by China which is the major buyer, resulting in a sharp increase in prices of products and services.

"The sharp increase is due to the behavior of entrepreneurs because of the exchange rate. In the past we have had double digit inflation but this was mainly because of one or two commodities but in this case, we have seen an increase in prices of commodities across the board," he said.

"Surprisingly even products that have nothing to do with the exchange rate have price increases. This is purely speculation and greed on the part of entrepreneurs," he added.

According to figures, the annual food inflation rate for October was recorded at 16.2 percent compared to 8.1 percent in September while the annual non-food inflation was recorded at 12.4 percent from 7.3 percent in September.

Zambia's last double digit inflation was recorded in March 2010 at 10 percent.

Meanwhile, the country's month-on-month inflation also increased sharply to 6.2 percent in October from 0.7 percent recorded in September. Endit