• Possibility of increment of electricity and fuel prices will make cost of doing business unbearable.
• Government must work out a good plan to sort out the matter.
• Association expected BoZ to reduce the Policy rate or maintain it.

Zambia Consumer Association (ZACA) says the upward revision of the Monetary Policy Rate and the possibility of increasing electricity and fuel prices will make the cost of living and doing business very unbearable for consumers after few months.

Speaking in interview with Money FM News, Association Executive Secretary Juba Sakala suggested that Ministry of Finance and Bank of Zambia must work out a good plan to sort out the matter so that consumers are not affected.

Mr. Sakala stated that the Association and other stakeholders expected the Bank of Zambia to reduce the Monetary Policy rate or maintain it at 8.5 percent instead of adjusting it upwards.

“Ministry of Finance and Bank of Zambia must come up with a solution to stabilize the economy but not increasing Fuel prices as this will great affect consumers,” he said.

Mr. Sakala added that the Association does not want to see a situation where Zambians are sleeping on an empty stomach due to high cost of living.

Early this week, the Central adjusted its Monetary Policy Rate upwards by 50 basis points to 9 percent from 8.5 percent in the last quarter to steer inflation rate within the target range of 6 to 8 percent.