Social Economist, Kelvin Chisanga, says Zambia’s escalating inflation pattern, away from the target band of 6-8%, has been the major cause of the distortion to the country’s micro-economy.
Zambia’s annual inflation rate quickened for the 14th month to 15.5% in August 2024, the highest point since December 2021, up from 15.4% in July, 2024.
Commenting on the soaring inflation rate, Mr. Chisanga said high inflation spike cultivates bad economic effects.
He said prices of most essential products have gone up making it difficult for Zambians.
“Unfortunately, projections for the coming year do not see Zambia’s inflation dropping to a single digit,” said Mr. Chisanga.
Mr. Chisanga also said the electricity rationing has had a huge push in increasing the annual inflation rate.
By Eva Hatontola
