percentage points % 1960q1 1970q1 1980q1 1990q1 2000q1 2010q1 2020q1 to to to to to to to 1969q4 1979q4 1989q4 1999q4 2009q4 2019q4 2022q3 average inflation ( left scale ) standard deviation of inflation ( right scale ) note : averages and standard deviations have been computed from underlying annualized quarter - over - quarter inflation rates. sources : organisation for economic co - operation and development via federal reserve economic data and bank of canada calculations last observation : 2022q3 chart 2 : strong positive relationship between the level and volatility of inflation across countries standard deviation of inflation ( percentage points ) decadal summary statistics average inflation ( % ) 1980s 1990s 2000s 2010s note : the sample consists of 37 advanced and emerging economies, including most of the organisation for economic co - operation and development. averages and standard deviations have been computed from underlying monthly year - over - year percentage changes. observations for all countries are not available for all months. observations involving extreme inflation outcomes have been excluded ( decadal average > 20 %, decadal standard deviation > 10 percentage points ). dotted lines denote decade - specific lines of best fit. each dot represents a mapping between the standard deviation of inflation and average inflation, for a given country in a given decade. sources : organisation for economic co - operation and development last observation : december 2019 via haver analytics, and bank of canada calculations - 6as firms begin to rely on this rule of thumb, it becomes self - reinforcing. the inflation outcomes that result from the price - setting decisions of firms start falling in line with the central bank ’ s target, and this makes the rule of thumb even more reliable going forward. the rule of thumb therefore reduces feedback loops and helps ensure that any straying from the inflation target is relatively small and short lived. with these self - stabilizing mechanisms at work in the economy, monetary policy can pursue its inflation target with a high degree of flexibility. in an environment of low and stable inflation, the inflationary effects of shocks tend to be muted. monetary policy can therefore look past many of these shocks and respond to others in a more measured way. this flexibility allows monetary policy not only to keep inflation low and stable but also to minimize the impacts of shocks on the labour market and the broader economy. this is a key benefit of successful inflation targeting and an important reason why the bank is working so

society, labour unions, investor groups, etc. as earlier alluded to, one of the tenets of good corporate citizenship is transparency and accountability. on the part of the councils, the major challenge they face in this regard is the delivery of quality service to their clients, which is underpinned by better management of resources. in conclusion, chairperson, ladies and gentlemen, in the interest of enhancing the competitiveness of business and maximise the value of wealth creation in mufulira district in particular and zambia as a whole, companies are urged to make social responsibility an integral part of the wealth creation process. i am confident that the zambian business community shall appreciate the benefits that accrue to both the company and its stakeholders in this vein, and hope i shall one day have the honour of being present at the first event to award deserving entities in this noble sphere. i thank you all.