Above: Annual inflation rate-June 2021-June 202227 According to the Stanbic Purchasing Manager’s Index for April, new orders decreased for the first time in eight months during March, albeit only slightly. The fall was linked to a lack of customers and money shortages, leading to a further reduction in output, the fourth in as many months. Further, the rate of overall input price inflation reportedly remained relatively muted, quickening to a seven-month high. The increase in overall input costs was largely said to be driven by higher purchase prices, in turn caused by a combination of currency weakness and rising fuel prices28. The changes and fluctuation in key economic variables affects the operations of the media both directly and indirectly. Firstly, media houses in Zambia mainly rely on advertising and sponsorship as a source of income. Thus, a drop in orders for various business entities usually entails a reduction in advertisement and sponsorship or meeting of financial obligation by advertisers. Secondly, media houses rely on various imports for the smooth running of their operations; these include news print as well as other electronic equipment and service subscriptions, among others. A fluctuation or 27 According to the ZAMSTATS Monthly Bulletins, January-June, 2022. Available at https://www.zamstats.gov.zm/publications/ 28 See https://www.pmi.spglobal.com/Public/Home/PressRelease/52aa1223f9bd4d09acccef66b4b0ce46 32