The Bank of Zambia (BoZ) is confident that the inflation rate will hover around its target range of 6 to 8% in the year 2024.

Zambia’s annual inflation rate, as of December 2023, stood at 13.1 %, way above the Central Bank’s  target range of 6 to 8%.

Speaking when he officially opened the 2023 BoZ media Seminar in Saivonga today, BoZ Deputy Governor Francis Chipimo said that  the increase in food items and non food items compounded by the high exchange rate triggered the high inflation rate last year.

“Weather related shocks, weakness in the exchange rate, higher administered prices on electricity and fuel have all been important drivers of higher inflation” said Dr. Chipimo.

Dr. Chipomo however said that the Central Bank remains resolved in its efforts to bring inflation back into the 6-8 percent target range by  adjusting both the policy rate and the statutory reserve ratio among other policy measures.