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 Zambia is likely to achieve its target of 8 percent inflation by the end of this year, despite higher fuel prices and a planned increase in electricity tariffs, the Bank of Zambia Governor Caleb Fundanga said.
Fundanga told reporters that while a rise in fuel prices last month and a proposed jump in electricity tariffs would create price pressures, an expected big maize harvest should help keep inflation in check.
"Already we are back in single-digit inflation and we should achieve the 8 percent target for inflation by the end of the year. Agriculture did very well this year and we certainly expect more grain and other food on the market," he told reporters.
Consumer inflation in Zambia, Africa's biggest copper producer, slowed to 9.2 percent year-on-year in April from 10.2 percent the month before.
The country's energy regulator raised fuel prices by up to 13 percent on Wednesday, due to higher international oil prices, adding to a 15 percent increase in January. Power utility Zesco last month asked for a 36 percent increase in electricity prices from July.
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