ZAMBIA RECORDS SLIGHT REDUCTION IN ANNUAL INFLATION RATES

Zambia’s inflation rate for the month of October, 2011 has slightly reduced by 0.1 percent to 8.7 percent from 8.8 percent in September last month. 

The decrease is attributed to reductions in some food and non- food prices.

Central Statistical Office (CSO) Acting Director John Kalumbi announced reduction at a press briefing held at his office in Lusaka today. This was during the CSO monthly bulletin.  

Mr. Kalumbi further disclosed that Zambia recorded a trade surplus valued at K923.3 billion in September 2011 representing a nominal increase of 4.4 percent from K884.2 billion recorded in August, this year.

He said Zambia exported more in September than it imported in the same month in nominal terms. 

He stated that the country’s major export products in September were intermediate goods, raw materials, capital goods and consumer goods.

He named Zambia’s major export destinations as Switzerland, China, South Africa, Congo DR and the United Kingdom which collectively accounted for 60.6 percent.

Mr. Kalumbi said Zambia’s major import products were intermediate goods, capital goods and raw materials goods that came from South Africa, Congo DR, China, India and the United Arab Emirates collectively accounting for 15.3 percent in September.

And Mr. Kalumbi has said poverty levels in Zambia were still very high despite recording some decline in 2006 and 2010.

Mr. Kalumbi said poverty had continued to be more predominant in rural areas than urban areas where he said people were wallowing in extreme poverty in Luapula, Western, Eastern and Northern province.

He explained that the poverty gap is rural areas especially in remote provinces, has continued to widen despite recording some reduction.

Luapula is leading in poverty levels which increased from 73.9 percent in 2006 to 80.5 percent in 2010 while Central province recorded the highest reduction in poverty levels during the same period from 70.7 percent in 2006 to 60.9 percent last year.

Lusaka province also recorded the lowest poverty indictor of 0.3 percent from 24.7 to 24.4 percent.  

The CSO Chief expressed happiness that rural poverty declined from 80.3 percent in 2006 to 77.9 in 2010 while urban poverty was less than 3.0 percent from 29.7 percent to 27.5 percent during the same period under review.

ZANIS