Contents

• Executive Summary 
• South Africa
• Zambia
• Quarterly & Annual Data Tables

Executive summary

• Southern African economies continued to show mixed performances in August. South Africa is experiencing rising inflation, driven by higher beef prices and utility costs. In contrast, Zambia’s inflation fell for the third consecutive month to 13% in July, helped by lower food prices. These inflation dynamics point to a slow recovery in consumer demand in both nations, as inflation remains above central bank targets. This trend, along with high unemployment and poverty, means that consumer-facing businesses will need to be strategic in the short to medium term to maintain revenue and profit levels.
• Central banks are likely to remain cautious with rate adjustments to control inflation. The South African Reserve Bank (SARB) cut rates by 25 basis points in July, while the Bank of Zambia held its benchmark rate at 14.5% in August. We expect both banks will likely hold