Zambia inflation falls sharply

Zambia President Hakainde Hichilema announced that the country has recorded continued downward trend in the inflation rate.

The overall annual inflation for May 2022 decreased to 10.2% from 11.5% recorded in April 2022 while Annual food inflation for May 2022 was recorded at 12.3% compared to 14.1% recorded in April 2022.

The inflation rate is expected to reduce to a single digit by the end of the year.

Meanwhile, the reduction in inflation rate does not translate into reduced prices of goods and services.