The Zambia Statistical Agency – ZSA has revealed that food and transport prices are the main groups that have recorded the highest inflation or price increase for the August 2024 overall national inflation recorded of 15.5%.
According to the August 2024 monthly bulletin availed to the Zambian Business Times – ZBT, the index for transport increased by 22.6% between August 2023 and August 2024. This was higher than the 13.3% recorded between August 2022 and August 2023.
Transport costs have taken a hit following elevated fuel prices, a situation that drives up prices in all goods and services that have a logistics and transport element.
ZSA further reported that food and non-alcoholic beverages such as soft drinks prices increased by a whopping 17.6% between August 2024 and August 2023.
This was higher than the 12.6% recorded in the same between August 2022 and August 2023, raising further concerns about most households’ abilities to meet their consumption needs.
The government has hoverer launched a food for work and ramped up its social cash transfer drive to the most vulnerable and old-age citizens, but it’s the middle class that these steep increases will hit the hardest, as wages and business opportunities remain stagnant if not declining.
Newly appointed Statistician General Goodson Sinyenga announced that overall annual inflation continued to rise reaching 15.5% for the month of August 2024.
The country has further been hit by drought that has seen agriculture and food production drop significantly. with a reduction in production of the country’s stable food- Maize which is now being supplemented through imports from Tanzania.
