Zambia’s inflation rate slowed down in August as prices of food fell, according to the nation’s statistics agency.
Consumer prices climbed 9.8% from a year earlier, compared with 9.9% in the prior month,
Annual food-price growth slowed to 11.3% in August from 12% the previous month, while non-food inflation accelerated to 7.8% from 7.2%. Prices dropped by 0.3% in the month.
The central bank last week kept its benchmark interest rate unchanged at 9% for a third successive meeting to support economic growth and fight widespread poverty.
Zambia’s monetary policy committee now sees annual inflation averaging 11.4% this year. It forecasts inflation in single digits over the next two years and inside the target range of 6% to 8% by the first quarter of 2024,
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