Annual inflation for October 2023 increased to 12.6 percent from 12.0 percent recorded in
September, 2023. This development has been attributed to the increase in prices of food and non-food items.
The continued acceleration of Zambia’s inflation rate to have had several negative effects on the already struggling economy. This will likely lead to a decrease in purchasing power as prices of goods and services increase which would in turn lead to a decrease in consumer spending and a slowdown in economic activity. This will be particularly challenging for especially low-income households who are already struggling to afford basic necessities.
The 12.6 percent is against the central banks 6 – 8 percent target for this year.
According to the official statistics obtained by the Zambian Business Times – ZBT, of the overall 12.6 percent annual inflation, Lusaka province contributed the highest at 4.2
percentage points followed by Copperbelt and Central provinces which contributed 2.3 and1.3
percentage points respectively.
Southern contributed 1.1 percentage points while North-western
province had the lowest contribution of 0.4 percentage points.
details to follow….
