ZAMBIA ANNUAL INFLATION MARGINALLY RISES

Zambia annual rate of inflation, as recorded at the end of November 2012, has increased by o.1 percentage points.

The latest rate of inflation has been quoted at 6.9 %, up from 6.8 %, recorded during the month of October 2012.

The country’s official economic data tabulation agency, the Central Statistical Office has revealed, in the capital Lusaka.

Goodson Sinyenga, The agency’s Acting Director, has attributed the rise to marginal increases in prices of non-food items.

‘Regarding disaggregates, the annual rate of inflation increased for alcoholic beverages and tobacco, clothing and footwear,’ Sinyenga said at a briefing.

Other factors are housing, water, electricity, gas and other fuels, households and routine maintenance equipment.

ENVIRONMENTAL AGENCY WARNS LAFARGE CEMENT

French cement manufacturing giant, Lafarge Zambia has been ordered to effect restrictive measures against repeated cases of environmental pollution.

The Zambia Environmental Management Agency has since issued a Restoration Order against the company, in accordance with section 105 of the Environmental Management Act No. 12 of 2011.

Lafarge Cement Zambia has been cited for indiscriminate discharge of pollutants, into the environment, in concentrations that constitute a risk to human health, at its Chilanga plant.

The Environmental Agency says its carried out an inspection at the respective cement plant, whose findings were unprecedented levels of dust emissions into the environment.

And according to the order, Lafarge Cement Zambia has 28 days, to among others, install appropriate dust abatement measures and increase the emissions monitoring frequency.

Lafarge Cement will also have to indefinitely submit status reports every two weeks, says Irene Chipili, the Environmental Agency’s Principal Information and Communication Officer.

ZAMBIA KWACHA REBASING PROCESS TAKES EFFECT TOMORROW

The Zambia central bank has warned of punitive measures against the business community failure to dual display prices of goods and services, starting tomorrow, 1^st December 2012.

The warning comes as the country rebases the local currency, the Kwacha, and further introduces new notes and coins.

A senior official in the Bank of Zambia’s technical committee, in charge of the rebasing exercise, says the dual display system will last up to 31^st December 2012.

Fabian Hara has explained, at a briefing in the capital Lusaka, that dual display of prices, is meant to create common understanding among stakeholders about currency rebasing and how it will be conducted in the country.

Hara, who is also Bank of Zambia Acting Director of Banking, Currency and Payment Systems, says all business entities must comply with the technical guidelines, without fail.

Meanwhile, the Kwacha yesterday further weakened against the United States dollar, closing at between 5,255 and 5,275 at end of business.

This is according to the Standard Chartered bank daily economic news bulletin.

PICK n PAY EXPANDS ITS PRESENCE IN ZAMBIA

Multi-national supermarket stores operator, Pick n Pay has opened its 5^th outlet in Zambia, in the mining town of Kitwe.

The South African company first came to Zambia in 2010, and it already operates 3 stores in the capital, Lusaka and one on Ndola, another mining town on the Copperbelt.

According to a statement released to the media, Pick n Pay plans to open another store in Luanshya, another mining town on the Copperbelt.

Pick n Pay operates 94 stores in Africa, outside South Africa, including one in Lesotho, 10 in Swaziland, nine in Botswana, 17 in Namibia, one in Mozambique.

Others are two in Mauritius and 48 in Zimbabwe, and it has also set plans to expand its regional presence into Malawi next year and the Democratic Republic of Congo in 2014.

IMF OUTLINES ECONOMIC FEARS FOR ZAMBIA

The International Monetary Fund fears Zambia is unlikely to contain inflationary pressure within the targeted 7 % by year-end, due to escalating food prices in the country.

John Wakeman-Linn, who has been leading an IMF review delegation to the Southern African country has warned.

Recent Central Statistical Office data has revealed an inflation rate of 6.8 % for the month of October, up from 6.4 % in September.

The CSO has attributed the rising inflationary pressure to relative increases in prices of both food and non-food items, inclusive of the staple food, maize meal.

And the IMF mission delegation has noted Zambia’s impressive economic performance, forecasting 2013 GDP growth at 8 % with a 6 % inflation rate, despite the gloomy global economic picture.

Meanwhile, the 7.3 % 2012 GDP growth has been upheld, in addition to commendation of this year’s 4.1 % budget deficit, which has been attributed to better than expected revenue administration

But the IMF has advised Zambia to ensure strict national budget execution, especially on civil service emoluments expenditure, which might threaten development project financing, if not kept in check.