Cost of living records improvement in March, as food prices drop slightly

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 March 2023 in Lusaka has decreased by K274.85.

According to JCTR Social and Economic Development Programme Manager, Muchimba Siamachoka, for the month of March 2023, the cost of living in Lusaka stood at K9,003.21 from the K9,278.06 recorded in February, 2023 reflecting a K274.85 decrease.

Siamachoka in a statement released in Lusaka on Thursday said while most price commodities did not change significantly, the downward movement in the basket is attributed to lower prices in food items such as Kapenta, Bananas, Beef and Cassava flour.

She said the JCTR BNNB also saw notable reductions in the prices of non-food items such as charcoal which went down by K98.17 from K776.67 to K678.5 however the price of 40kg vegetables increased by K18.68 from K483.57 to K502.25.

“The JCTR also observed that the Energy Regulation Board (ERB) pump price of petroleum products remained unchanged during the month of reflection, with the exception of petrol which was adjusted upwards by 4.8 percent,” Siamachoka said.

Siamachoka said that while the cost of living fell during the month of March, JCTR remains concerned about the country’s debt restructuring delays and the stagnation is contributing to the high living cost, which has since surpassed the K9,000 mark in the year 2023.

“This is considerably higher than the average monthly income in the nation, which stands at K4,2151. Uncertainty surrounding the debt restructuring process has caused investors to hold back from buying government bonds, resulting in a decline in demand,” she said.

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