INFLATION SURGES TO 10.8% IN AUGUST 2023

The Zambia Statistics Agency -ZAMSTATS- has disclosed that the annual inflation rate has increased to 10.8 percent for the month of August from 10.3 percent in the month of July 2023.

Speaking during a media briefing, ZAMSTATS Statistician General, Mulenga Musepa has attributed the development mainly to the price movements of selected food and non-food items.

Mr. Musepa states that this means that on average, prices of goods and services increased by 10.8 percent between August 2022 and August 2023.

And he adds that, this indicates a 0.5 percent increase with the rate standing at 12.6 percent compared to 12.1 percent recorded in the previous month.

Meanwhile, Mr. Musepa has revealed that the annual non-food inflation for August 2023 was recorded at 8.5 percent compared to 7.8 percent.