Zambia’s inflation rate escalated to 12.9% in November 2023, marking a 20-month high, driven by the depreciating kwacha, which has weakened by more than a fifth since July, as well as factors like reduced copper production, lower metal prices, and stalled debt restructuring talks. The kwacha’s depreciation has particularly impacted the cost of imported goods. Last week, official creditors co-led by China and France rejected an adjusted bondholder restructuring deal, delaying the rework of USD 3 bln of outstanding notes.