Zambia’s central bank raised its key interest rate by 50 bps to 10%, marking the third consecutive rate hike this year, as the headline inflation rate increased to 10.3% in July, well above the bank’s target range of 6% to 8%. Factors cited for the elevated inflation outlook included rising maize grain prices and higher global food and energy prices. Meanwhile, the economy is expected to decline in 2023, mainly due to a contraction in the mining sector.