Home World News Emerging Markets Zambia’s inflation surges to 14.7 percent in May

Zambia’s inflation surges to 14.7 percent in May

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Inflation
Inflation

Zambia’s annual inflation maintained an upward surge in Zambia, increasing to 14.7 percent in May from 13.8 percent the previous month, the country’s statistics agency said on Thursday.

Goodson Sinyenga, statistician general at the Zambia Statistics Agency, made the announcement at a monthly press briefing and attributed the rise in the inflation rate to the increasing prices of food and non-food items.

He said the food inflation rose to 16.2 percent in May from 15.7 percent the previous month while non-food inflation rose to 12.7 percent in May from 11.2 percent in April.

He further said the monthly inflation also rose to 1.4 percent in May from 1.0 percent in April due to price movements in selected food and non-food items.

Earlier this month, the country’s central bank raised the monetary policy rate by 100 basis points to 13.5 percent as part of efforts to stem the continued rise in the inflation rate from the range target of 6-8 percent.

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