Consumer prices rose 15.2%, compared with 14.7% in May driven by higher costs of corn meal, cereals and spirits, Statistician General Goodson Sinyenga told reporters.
Zambia’s annual inflation rate jumped to a 29-month high in June and the economy grew at its slowest pace in two years as the southern African nation continues battling the effects of an El Niño-induced drought, the worst in almost six decades. Consumer prices rose 15.2%, compared with 14.7% in May driven by higher costs of corn meal, cereals and spirits, Statistician General Goodson Sinyenga told reporters in Ndola, – 316 kilometers north of Lusaka, the capital – Thursday.
The extreme weather has also hindered the central bank’s efforts to bring inflation back to its target of 6% to 8%. Policymakers have hiked interest rates by 450 basis points since February last year to 13.5%. The International Monetary Fund urged them in a statement on Wednesday to maintain “a tight monetary stance until inflation declines toward the Bank of Zambia’s target range” to help anchor inflation expectations.
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