Inflation Reaches Four Year High

The rate of inflation reached a four year high in November, with consumer prices rising 17.4% from 2019. The rate increased from 16% in October. 

Food inflation during November stood at 16.8%, while non-food prices increased by 18.2%. 

The target rate set by the Bank of Zambia (BOZ) is between 6% and 8%. However, the target has not been met in 19 months and according to BOZ Governor Christopher Mvunga it is considered unlikely to fall back within the target range for the next two years.  

Meanwhile, the bank held interest rates, which are at record lows, steady.