Annual inflation for July 2024 increased to 15.4 percent from 15.2 percent recorded in June, 2024. This means that on average, prices of goods and services increased by 15.4 percent between July 2023 and July 2024 (see Figure 1). This development was mainly attributed to price movements of food items. 

Figure 1: Annual Inflation Rate, July 2023- July 2024 (%)

Annual Food and Non-Food Inflation

Annual food inflation for July 2024 was recorded at 17.4 percent compared to 16.8 percent in the previous month (see Figure 2). This means on average prices of food items increased by 17.4 percent between July 2023 and July 2024.This  was mainly attributed to increases in prices of food items such as Bread and Cereals (Breakfast & Roller Mealie Meal, Rice, bread, Bun, Friters, Cassava meal);  Fish (Frozen Fish,  Buka Buka,  Fresh Kapenta,  Dried Kapenta Mpulungu); Vegetables (Green pepper, Pumpkin, Onion, Dried beans, Irish potatoes,Sweet potatoes) ; Fruit (Oranges, Lemons, Bananas, Apples, Avocados, Groundnuts); Eggs, Cooking oil and Sugar.

The annual non-food inflation for July 2024 was recorded at 12.6 percent compared to 13.0 percent. This outturn was mainly attributed to decreases in prices of non-food items such as Major Household Appliances (Refrigerator, Washing Machine, MicrowaveOven); Pharmaceutical Products (Cafenol, Aspirin, Paracetamol, Andrews liver salt, Magnesium Trisilicate, Throat lozenges ); Fuels ( Diesel, Petrol) and Passenger transport by air.

Figure 2: Annual Food and Non-Food Inflation, July 2023- July 2024 (%) 

Read more>>Vol 256 of 2024 The Monthly July