Inflation on swelling route, hits 16.5pc

By BUUMBA CHIMBULU

ZAMBIA’S annual inflation rate for this month has surged to 16.5 percent, primarily driven by rising price movements of non-food items such as electricity and fuel, according to data made available by the Zambia Statistical Agency (ZamStats).
This is an increase from 15.7 percent recorded in October, 2024, reported ZamStats acting Statistician General, Sheila Mudenda.
Non-food items included electricity, purchase of motor vehicles (Toyota Hilux, Toyota corolla, Nissan ALMERA 1.5 L Acenta MT, Nissan Pick (Nissan Hardbody)), passenger transport by air and fuel (petrol and diesel).
Disseminating the November 2024 monthly bulletin in Lusaka yesterday, Ms Mudenda explained that this meant that on average, prices of goods and services increased by 16.5 percent between November 2023 and November 2024. “This development was mainly attributed to price movements of Non-food items,” she added.
On provincial rates, Central Province recorded the highest annual inflation rate at 21.7 percent whereas Northern Province recorded the lowest at 12.4 percent, Luapula, Northern, Southern and Western provinces. It, however decreased for Lusaka and North-Western which was 13.4 percent from 13.9 percent. Meanwhile, Ms Mudenda reported that a trade deficit of K3.1 billion was posted in October 2024.
“Exports increased by 5.6 percent (raw materials 39.0 percent increase, intermediate goods 2.4 percent increase and consumer goods 22.5 percent increase).
“Imports increased by 10.7 percent (consumer goods 19.0 percent increase, Intermediate goods 12.2 percent increase and Raw materials 19.6 percent increase),” she said.
To manage inflation, the Bank of Zambia (BoZ) this month raised the Monetary Policy Rate by 50 basis points to 14.0 percent, considering that it remained above the target band of six to eight percent for the medium term. The central bank announced the rate hike, stating that it aimed to steer inflation back towards target and anchor expectations.
In the first three quarters of 2026, inflation was, however, projected to decline to 9.0 percent, though still above target.