The November 2008 Zambian inflation as measured by the all items Consumer Price Index (CPI) rose by 0.10 percent from 15.2 percent in October 2008, reaching 15.3 percent in November 2008.
Central Statistics Office (CSO), which reported the November 2008 Zambia inflation figures, said that this was due to rising food prices. It was also reported that the annual food inflation rate rose by 0.90 reaching 18.5 percent in November 2008 from 17.6 percent in October 2008.
The Central Statistics Office (CSO) further said that due to the current figures of inflation recorded, it was highly unlikely that the country was going to meet the 7.0 percent inflation target by December 2008.
And according to Lusaka-based economist, Chibamba Kanyama, the current food price increases show that the annual inflation will probably end up at 15.5 percent in December 2008.
Zambia is one of the largest copper producers. Therefore, the slump in copper prices experienced in the last quarter of 2008, will adversely affect the economy. According to the Bank of Zambia (BoZ), the inflation target of 7 percent would be revised upwards to a double digit figure.
In the same vain, the economic growth target, which had been projected at 7 percent for 2008 and 2009, would be revised downwards. Similarly, the budget deficit projected at 1.2 percent of GDP will be revised upwards after additional spending in agriculture subsidies and unbudgeted expenditure on the presidential elections that were held in October 2008.
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