Inflation rate rises to double digit
Inflation rate rises to double digit - CSOBy Florence Bupe
Thursday March 01, 2007 [07:09]
THE rate of inflation rate has gone back to a double-digit for the month of February 2007, which has been recorded at 12.6 per cent. The figure signifies an increase of 2.8 percentage points from 9.8 per cent in January 2007. Central Statistical Office (CSO) acting director Modesto Banda explained that the rise in the inflation figure was due to the increase in annual inflation rates for food, beverages and tobacco, petroleum products transport and communication, as well as increased house rentals. Compared with the same period last year, the annual rate of inflation increased by 2.3 percentage points.
Of the total 12.6 per cent rate, food products accounted for 2.2 per cent, while non-food products in the Consumer Price Index (CPI) accounted for 10.4 percentage points. "A comparison of prices between January 2007 and February 2007 shows that the national average price of a 25 kilogram bag of roller meal increased by 5.3 per cent from K26,636 to K28,045. Bus fares also went up significantly," Banda said. And according to the CSO monthly bulletin for the month of February, Zambia recorded a trade surplus valued at K17.8 billion in January 2007, a reduction from the December 2006 trade surplus figure of K176.1.
Banda said the country needed to devise alternative ways to generate more export products other than copper if trade surplus had to be increased. "As you have noticed, trade surplus has significantly reduced. There is a great need to look at other areas to generate products for export, such as the agriculture and processing sectors, and also the textile manufacturing industry," he said. The total value of exports for December 2006 was K1.2 trillion, compared to K1.3 trillion in January 2007, with copper accounting for 50.6 per cent. The CSO has further disclosed that of the 4.9 million population available to engage in labour, 16 per cent were unemployed. WM
Labels: INFLATION
posted by MrK @ 4:35 PM
3 Comments:
" Banda said the country needed to devise alternative ways to generate more export products other than copper if trade surplus had to be increased. "
I say this is it. Enough of focusing on macro-economic indicators.
There can not be a situation, where low inflation is considered an achievement, but the people are living on less than one dollar per day.
This is not economic prosperity. Economic prosperity can only happen, when all citizens participate in the economic life of the country.
Also, this COWARDLY turning away from copper is disgraceful. Zambia is missing out on $1.6 billion per year in cobalt and copper sales, because the MMD sold the mines and other national assets.
This is what has to be reversed. Zambia cannot turn it's back on $1.6 billion, and 'look for other sources of income'.
“Central Statistical Office (CSO) acting director Modesto Banda disclosed that of the 4.9 million population available to engage in labour, 16 per cent were unemployed.”
Now am I missing something here ?
- 16% unemployment sounds unbelievable to me but then I am rather weary of the fact that Mr. Banda is referring to a population available to engage in labour.
- Does he mean that the other 84% are all working ? If this is so then Zambia doesn't have an unemployment problem as such.
- Why do I have a figure of 900,000 people in formal employment from
- Are we redefining employment and unemployment in Zambia ?
The buzz word in Zambia, is about the casualization of zambian workers, lets wait and see the definition of it all!! if you have done a single days work in a year what are you?
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