INFLATION DROPS BY 1 %
By Brian Mwale-
Zambia’s annual inflation rate for March has dropped to 13.1 percent from 14.2 recorded last month.
Meanwhile preliminary annual Gross Domestic Product -GDP- estimates for 2021 show that economic activities grew by 3.6 percent compared to a contraction of 3.1 in 2020.
Zambia Statistics Agency -ZAMSTATS- Interim Statistician General MULENGA MUSEPA attributes the drop in inflation to a reduction in the annual food inflation from 16 percent in February to 15.3 this month.
He points at the foods whose prices dropped as Fish, Fruits, Eggs, Butter and imported cooking oil among others.
Mr. MUSEPA adds that annual non-food inflation also dropped from 11 percent in February to 10.3 this month with Glassware, tableware and household utensils, Silver plate, cooking pot, and floor tiles among others having recorded drop in prices.
And the ZAMSTATS Chief says the preliminary GDP at current prices for 2021 showed huge growth rate with Mining and quarrying, Wholesale and retail trade, Construction and Manufacturing industries being the main contributors collectively accounting for 61.8 percent while the Arts, entertainment & recreation had the lowest share of 0.2 percent.
Mr. MUSEPA however says industries such as, Education, and Public administration contributed negatively to the annual GDP growth in 2021.
And Mr. MUSEPA says cumulative total trade for last month increased by 7.2 percent compared to the same period last year.
He says Zambia last month recorded a trade surplus of 6-billion kwacha as exports increased by 2.7 percent while imports increased by 9.6 percent.
Mr. MUSEPA was speaking during the release of the ZAMSTATS monthly in Lusaka today.