Similarly, a reduction (though insignificant) was recorded in the annual inflation rate, from 24.6 in July to 24.4 in August as can be seen in the chart below: Above: Annual inflation rate, August 2020-August 2021 (%)15 Additionally, the Bank of Zambia projected a modest economic growth of 1.6% with expectation of a strengthening of the economy in the medium term16. This projection was on account of expected positive performance in 15 According to the Zambia Statistics Agency monthly bulletins (July/August), 2021. Available at https://www.zamstats.gov.zm/index.php/publications/category/51-2021 16 According to the BoZ monetary policy statement issued on 1st September, 2021. See https://www.boz.zm/mpc_statement_september_2021.pdf 26