Cost of living goes up by over K398

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The cost of living for a family of five living in Lusaka for January 2024 has increased by over 398 kwacha from 9,157.41 kwacha recorded in December 2023 to 9,555.53 kwacha.

This is according to the latest Jesuit Centre for Theological Reflection-JCTR Basic Needs and Nutrition Basket released today.

Speaking during a media briefing in Lusaka today, JCTR Executive Director, Alex Muyebe has attributed the upward movement in the basket to an increase in the price of commodities such as charcoal, cooking oil, and kapenta. 

Fr. Muyebe has cautioned that for as long as the kwacha continues to depreciate on the international market, the cost of living will continue going up but hopes that by mid-2024 the economy will stabilize.

Fr. Muyebe has called on the government to enforce price control measures.

"To prevent individuals from being exploited through frequent commodity price adjustments, it is imperative for the government to enforce price control measures. By monitoring and regulating the prices of goods, we can protect consumers and safeguard their well-being. In the same vein, the Energy Regulation Board must work towards establishing long-term policy stability in the energy sector. Frequent reviews of fuel pump prices, for instance, can contribute to uncertainty. It cannot be overemphasized that the creation of a more predictable regulatory environment can promote stability and attract investment,” he said.

He noted that the unpredictable rainfall patterns witnessed in recent months pose a threat to an already dire situation, which might result in increased food prices. 

Father Muyebe said it is crucial for the Zambian government to recognize the urgency at hand and to begin formulating strategies for providing relief for its citizens, especially the poor.

He said, "The JCTR remains steadfast in its commitment to upholding the principles of the Church's Social Teaching and to advocating for the dignity of every individual. We therefore implore the government to urgently address the rising cost of living, to take decisive actions to alleviate the prevailing suffering, and to endeavor to build a society that places a high value on dignity for everyone”.

Ends….

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