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

Select target paragraph3