By MAIMBO MWEEMBA
The Jesuit Centre for Theological Reflection (JCTR) says lowering the country’s annual inflation rate will result in further reduction in the cost of living.
JCTR Executive Director Alex Muyebe said the latest inflation rate which has slowed down to 11.5 percent will benefit consumers as the rate at which prices of good are being increased is much slower
He said the Bank of Zambia has made progress towards reducing the country’s annual inflation rate to a single digit to attain the target of between 6 and 8 percent by the end of the fourth quarter of 2022.
Fr Muyebe said the reduction in the Basic Needs and Nutrition Basket recorded in April 2022 is due to an increase in supply of the products on the market.
He said the reduction by 85 Kwacha 13 ngwee in both food and non food items will not have much impact on the consumers as yet as it is minimal.
“With the country going into the harvest season, there could be a further reduction in food prices,” he said.
And Consumer Unit and Trust Society –(CUTS) International Programs Officer Lubuto Mundende said the reduction in the prices for some selected food items is step in the right direction.
He has called on Government to stabilize the cost of fuel prices by putting in place a quarterly pricing mechanism