Government says ongoing economic reforms have led to price reductions on essential goods, with about 30 manufacturers voluntarily cutting prices by between five percent and 20 percent.
Speaking during a media briefing today, Minister of Commerce, Trade and Industry Chipoka Mulenga said the price cuts reflect improving economic conditions and encouraged more businesses to pass on the benefits to consumers.
Mr Mulenga said Government will continue to deliver services to citizens despite the country being in an election year.
“Just because we are in an election year, we cannot stop working and delivering for the people of Zambia,” he said.
He attributed the reductions to lower inflation, economic growth and improved fiscal discipline, which he said have eased operating conditions for manufacturers.
The Minister disclosed that staple foods have recorded price reductions of about 13 percent, while selected brands of bread and cooking oil have also seen lower prices.
He commended the Zambia Association of Manufacturers (ZAM) and participating companies for initiating the reductions and called on other businesses to broaden the initiative across more brands.
Mr Mulenga said the current economic environment is characterised by single-digit inflation, a stronger currency and reduced fuel costs, which should translate into lower prices for consumers.
He also highlighted progress in the energy and infrastructure sectors, citing projects such as the commissioning of a 100-megawatt solar plant in Chisamba and a 300-megawatt coal plant in Maamba, among others under development.
