Annual inflation for May 2023 slowed down to 9.9 percent from 10.2 percent recorded in April, 2023. This means that on average, prices of goods and services increased by 9.9 percent between May 2022 and May 2023. This development was mainly attributed to price movements of selected non-food items.
Annual food inflation for May 2023 remained the same at 11.6 percent. This means on average prices of food items increased by 11.6 percent between May 2022 and May 2023. This outturn was mainly attributed to price movements for Meat (Fillet Steak, Rump Steak, Brisket, Ox-liver, Goat Meat, Chicken Frozen); Fruits (Bananas, Pawpaw, Pineapples, Groundnuts); Vegetables (Rape, Pumpkin Leaves, Tomatoes, Sweet Potato Leaves, Okra, Spinach, Cucumber, Maize cobs, Onion).
The annual non-food inflation for May 2023 decreased to 7.6 percent from 8.3 percent in April 2023. This outturn was mainly attributed to decreases in prices of non-food items such as Materials for the maintenance and repair of the dwelling (Iron sheets, Paint (PVA Water Paint), Floor tiles-Porcellain-60×60); Small electric household appliances (Heater 2 bar, Electric Kettle, Fan) Diesel and Air fare regional.
The Annual Inflation Rate Increased for the following Main Groups in May 2023:
The CPI for the Housing, Water, Electricity, Gas & Other Fuels group increased by 8.5 percent between May 2022 and May 2023. This was higher than the 5.7 percent recorded in the same month of 2022 and 7.4 percent recorded in April 2023.
The CPI for the Communication increased by 0.9 percent between May 2022 and May 2023. This was lower than the 2.1 percent recorded in the same month of 2022 but higher than the 0.7 percent recorded in April 2023.
The CPI for the Education increased by 6.1 percent between May 2022 and May 2023. This was higher than 2.2 percent recorded in May 2022 and the 6.0 percent recorded in April 2023. The Annual Rate of Inflation Decreased for the following CPI Main Groups:
The Annual Rate of Inflation Decreased for the following CPI Main Groups:
The CPI for the Alcoholic Beverages and Tobacco increased by 7.0 percent between May 2022 and May 2023. This was lower than the 9.3 percent recorded in the same month of 2022 and 7.1 Percent recorded in April 2023.
Clothing and Footwear the index for Clothing and Footwear increased by 6.9 percent between May 2022 and May 2023. This was lower than 11.5 percent recorded in May 2022 and 7.3 percent recorded in April 2023
The CPI for the Furnishing, Household Equipment and Household Maintenance increased by 5.4 percent between May 2022 and May 2023. This was lower than 8.1 percent recorded in May 2022 and 5.8 percent recorded in April 2023.
The CPI for the Health main group increased by 8.5 percent between May 2022 and May 2023. This was higher than 6.5 percent in the same month of 2022 but below the 8.7 percent recorded in April 2023.
The index for Transport increased by 10.6 percent between May 2022 and May 2023. This was higher than 4.6 percent recorded in May 2022 but lower than 14.0 percent recorded in April 2023.
The CPI for the Recreation and Culture increased by 8.8 percent between May 2022 and May 2023. This was lower than the 13.8 percent recorded in the same month of 2022 and the 8.9 percent recorded in April 2023.
The CPI for the Restaurant & Hotel main group increased by 9.1 percent between May 2022 and May 2023. This was lower than the 9.5 percent recorded in the same month of 2022 and the 9.5 Percent recorded in April 2023.
The CPI for the Miscellaneous Goods and Services increased by 6.4 percent between May 2022 and May 2023. This was lower than the 11.4 percent recorded in May 2022 and the 8.5 percent recorded in April 2023.
The annual Inflation remained Unchanged for Food and Non-alcoholic Beverages
The CPI for the Food and Non-alcoholic beverages increased by 11.6 percent between May 2022 and May 2023. This was lower than 12.3 percent in the same month of 2022 and same as 11.6 Percent recorded in April 2023.
Contribution of CPI Main Groups to Overall Inflation Rate of 9.9 Percent of the overall 9.9 percent annual inflation, the Food and Non-alcoholic beverages group contributed 6.6 percentage points, while the Non-food group accounted for 3.3 percentage Points. Of the 3.3 percentage points, Housing, water, electricity, gas and other fuels contributed the highest at 1.0 percentage points followed by Transport and Clothing & footwear at 0.8 and 0.5 percentage points, respectively. The rest of the Non-Food group accounted for the remaining 1.0 percentage points.
Provincial Annual Inflation Rates
A disaggregation of the annual inflation by province shows that the annual inflation during the month under review increased for Eastern (10.8% from 10.3%); Luapula (11.1% from 11.0%); North-Western (10.5% from 10.1%); and Southern (8.6% from 8.3%) %). Annual inflation slowed down for central (8.9% from 9.2%); Copperbelt (7.8% from 8.7%); Lusaka (11.2% from 11.6%); Northern (10.9% from 11.5%); and Western (10.9% from 11.0) provinces.
Provincial Contributions to Overall Inflation of 9.9 Percent
Of the overall 9.9 percent annual inflation, Lusaka province contributed the highest at 3.3 percentage points followed by Copperbelt and Eastern provinces at 1.7 and 1.0 percentage Points, respectively. Central and Southern provinces contributed 0.9 percentage points each, while North-western province had the lowest contribution of 0.4 percentage points.
Overall Monthly Inflation Rate at 0.6 Percent
The overall monthly Inflation for May 2023 was recorded at 0.6 percent compared with 0.9 Percent in the previous month. This outturn was mainly attributed to price decreases in selected non-food items.
Monthly Inflation Rates for Food and Non-Food Items
Monthly food inflation between May 2023 and AprMonthlyInflation Rates for Food and Non-Food It development was mainly attributed to general price movements for Meat (Rump Steak, Ox-liver, Goat Meat, Chicken Frozen and Chicken Live); Fruits (Lemons, Oranges, Bananas, Water Melon, Avocado, Pineapples, Groundnuts); Vegetables (Rape, Pumpkin Leaves, Tomatoes, Sweet Potato Leaves, Okra, Cabbage)
Monthly non-food inflation for May 2023 was recorded at 0.2 percent compared with 1.0 percent in April 2023. This outturn was mainly attributed to decreases in prices of items such as, Purchase of motor vehicles (Toyota hilux, Toyota corolla, Nissan Hardbody); Diesel, Parafin purchases, Pharmaceuticals Products (Cafenol, Aspirin, Paracetamol, Medix cough syrup, No cough, Kaolin/Anti Diarrhoea, Andrews liver salt).