Zambia’s inflation rate reduces

 Zambia’s inflation rate reduces

Zambia Statistics Agency (ZAMSTATS) Interim Statistician General Mulenga Musepa says the country’s annual inflation rate for the month of May has reduced to 10.2% from 11.5 recorded last month.

Speaking at a press briefing, Mr Mulenga said the reduction means that on average, prices of goods and services increased by 10.2% between May 2021 and May 2022.

He attributed the drop in inflation to price movements in both food and non-food items such as Meat, Fruits, and Vegetables.

“Copperbelt province contributed the highest at 2.9% points to the overall annual inflation rate of 10.2%, Lusaka was second, contributing 2.4%  points while North- Western and Western provinces had the lowest contributions of 0.4%  and 0.5% points respectively,” he said.

Mr Musepa said the cumulative total trade for the period January to April 2022 was 1 K15.2bn while that of 2021 for the same period was K114.4bn representing a 0.7% increase.