Zambia hikes by 300bp as inflation almost doubles
Annual inflation jumps to 14.3% in October as kwacha slides
The Bank of Zambia hiked its policy rate by 300 basis points to 15.5% today (November 3), after seeing headline inflation almost double last month.
Annual CPI inflation jumped from 7.7% in September to 14.3% in October. The central bank attributes this to the deprecation of the kwacha, down 49% against the US dollar in the past year.
This threatens to destabilise inflation expectations, according to the monetary policy committee (MPC). Keeping the expectations anchored in single digits is
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