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The cost of living for a family of five, as measured by the Jesuit Centre for Theological Reflection (JCTR) Basic Needs and Nutrition Basket (BNNB) for the month of June 2023 has increased by K161.52.
The BNNB for the month of June 2023 in Lusaka stood at K9, 239.45 in comparison to K9, 077.93 in May 2023, according to JCTR Social and Economic Development Programme Manager, Muchimba Siamachoka.
Siamachoka revealed this to Zambia Monitor in a statement issued in Lusaka on Tuesday.
She said the basket’s upward movement can be attributed to price increases in food items such as beans, cooking oil, bananas and fresh milk.
“During the month under review, the Zambian Kwacha continued to depreciate against major currencies such as the US dollar however, the currency strengthened towards the end of the month,” Siamachoka said.
She said this sudden appreciation could be attributed to a gain in investor confidence, following the announcement of the country’s debt restructuring agreement.
Siamachoka said the Centre also noted that the annual inflation for the month of June 2023 dropped slightly to 9.8 percent, compared to 9.9 percent during the month of May 2023, according to the Zambia Statistics Agency.
“In addition, the Energy Regulation Board (ERB) pump prices showed that all petroleum products observed a slight reduction, owing to reduced international oil prices.
“Reviewing the BNNB trends, JCTR observes that the cost of living continues to remain high and unattainable for the vast majority,” she said.
Siamachoka said at the mid-year point, the cost of living in Lusaka averaged at K9, 126.40, with the national average basket standing at K6, 466.04.
She said this is still significantly higher than the national average monthly income of K4, 215.
“Recognizing efforts that have been made to restore macroeconomic stability, the Centre commends the diligent steps taken to reach the debt restructuring agreement and to bring hope for economic growth, job creation and provision of social services,” Siamachoka said.
She, however, said it remains important to emphasize that the government must ensure that every Zambian, particularly low-income households, benefit from this window of opportunity to reduce the cost of living in the country.
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