Zambia’s Central Statistical Office (CSO) director Efridah Chulu has attributed the latest rise in inflation in the country, set at 12 percent, to rising fuel prices which has increased prices of energy for domestic use.
Chulu told journalists on Thursday that the inflation rate for June stood at 12 percent, adding that inflation was only beginning to rise after nearly three years of economic stability that saw the country record a single digit inflation of around nine percent for several months.
The government has maintained a fuel subsidy on the cost of petroleum products in the country to help keep the cost down. However, with spiraling costs of oil on world markets, the government said it was no longer economical for it to continue subsidizing the cost of fuel.
This led the government to remove the subsidy recently, leading to increasing costs of petroleum products on the local market.
Source African Press Agency
