Inflation Rate Jumps to 10.8% in Zambia
Amidst efforts to push economic growth upward, Zambia continues to face pressures emanating from worsening price levels, driven in part by sustained increases in food and non-food products inflation.
According to the statistics office’s latest consumer inflation data, Zambia’s annual inflation rate accelerated for the second month to 10.8% in August 2023, up from 10.3% in the prior month.
The current reading is the highest since April 2022, according to the statistics office. The overall inflation surge was mainly due to a depreciation of the kwacha, which was reflected in rising prices for both food and non-food products.
In August, food inflation rose to 12.6%, 50 basis points higher than the month of July record. Also, non-food inflation accelerated to 8.50%, 70 basis points above the previous month’s record.
Zambia’s inflation figure showed that on a monthly basis, consumer prices rose by 0.8% in August, after a 0.9% increase in the prior month. Zambia recently completed a $6.3 billion debt restructuring in an effort to boost local economic performance. #Inflation Rate Jumps to 10.8% in Zambia
AfDB Plans Budget Support for Zambia After $6.3bn Debt Restructuring
