According to the data from the Central Statistical Office (CSO), the inflation rate in June this year has increased to 8.6 percent from 8.1 percent recorded in May this very year.
The CSO acting Director of Census and Statistics Iven Sikanyiti made mention that this was mainly ascribed to the huge changes noted in annual inflation and compared to non-food items.
“The Consumer Price Index (CPI) for the month of June shows that there has been an increase of 0.5 percent. This percentage indicates an increment in both goods and services between the month of May and June this year”, said Sikanyiti.
This rate of inflation has once again breached the Bank of Zambia’s (BoZ) targeted corridor of 6-8 percent forecast for the short-to-medium-term.
CSO data has revealed that Zambia’s annual inflation rate is the highest on record since November 2016 when it was 8.8 percent from 12.5 percent in October 2016 before it reduced to 7.5 percent at the close of 2016.