Zambia is currently facing a major economic crisis as inflation rates continue to soar, causing financial strain on families and businesses.
According to the latest statistics obtained by the Zambian Business Times, the annual inflation rate has hit an alarming 13.5 percent in February 2024, up from 13.2 percent in the preceding month.
This means that on average, prices of goods and services increased by 13.5 percent between February 2023 and February 2024. This development has been mainly attributed to price movements of selected food and non-food items.
The continued rise in inflation is a major concern for families who are already struggling to make ends meet.
According to the official statistics obtained by the Zambian Business Times – ZBT, from the government’s statistics Agency Zamstat, of the overall 13.5 percent annual inflation, Lusaka province contributed the highest at 3.9 percentage points followed by Copperbelt which contributed 2.7 percentage points. Central and Southern Provinces contributed 1.7 and 1.4 percentage points respectively while Northwestern province had the lowest contribution of 0.5 percentage points.
Meanwhile, the overall monthly inflation for February 2024 was recorded at 2.2 percent from 2.1 percent recorded in the previous month. This outturn was mainly attributed to price movements in selected food and non-food items.
The Zambian government has since been urged to take immediate action to control inflation and ensure that the people of the country are not burdened with rising prices. Failure to do so could result in a further deterioration of the economy and an increase in poverty levels.
