Zambia’s annual inflation rate stood at 6.5% in July 2026, unchanged from the previous month. It remained the lowest reading since February 2018 and stayed within the central bank’s 6%-8% target range, supported by a sharp appreciation in the kwacha, which has gained nearly 18% against the dollar this year on the back of surging copper prices and government efforts to encourage local currency usage. Inflation was also contained by the government’s decision earlier this month to extend a fuel tax moratorium through September 30, providing some relief as renewed tensions in the US-Iran conflict raised concerns over higher global energy and fertilizer costs. Food inflation eased to 6.4% in July from 6.7% in the previous month, while non-food inflation accelerated to 6.7% from 6.0%. On a monthly basis, consumer prices rose 0.2%, slightly higher than the 0.1% increase recorded in June. source: Central Statistical Office of Zambia

Inflation Rate in Zambia remained unchanged at 6.50 percent in July. Inflation Rate in Zambia averaged 11.10 percent from 2005 until 2026, reaching an all time high of 24.60 percent in June of 2021 and a record low of 6.00 percent in December of 2011. This page provides the latest reported value for - Zambia Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Zambia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2026.

Inflation Rate in Zambia remained unchanged at 6.50 percent in July. Inflation Rate in Zambia is expected to be 7.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Zambia Inflation Rate is projected to trend around 6.00 percent in 2027 and 5.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-25 08:30 AM
Inflation Rate YoY
Jun 6.5% 6.6% 6.5%
2026-07-30 08:20 AM
Inflation Rate YoY
Jul 6.5% 6.5% 6.7%
2026-08-27 08:30 AM
Inflation Rate YoY
Aug 6.5%


Related Last Previous Unit Reference
CPI Housing Utilities 574.96 575.44 points Jul 2026
CPI Transportation 663.33 659.02 points Jul 2026
Inflation Rate YoY 6.50 6.50 percent Jul 2026
Inflation Rate MoM 0.20 0.10 percent Jul 2026


Zambia Inflation Rate
In Zambia, the four main components of the consumer price index are: Food & Non-Alcoholic Beverages (54% of the total weight); Housing & Utilities (11%); Furnishings, Household Equipment & Routine Maintenance of the House (8%); and Clothing & Footwear (8%). Others include: Transport (6%); Miscellaneous Goods & Services (5%); Education (3%). Alcoholic Beverages and Tobacco, Recreation and Culture, Communications, Health and Restaurants & Hotels account for the remaining 5% of total weight.
Actual Previous Highest Lowest Dates Unit Frequency
6.50 6.50 24.60 6.00 2005 - 2026 percent Monthly

News Stream
Zambia Inflation Rate Steady in July
Zambia’s annual inflation rate stood at 6.5% in July 2026, unchanged from the previous month. It remained the lowest reading since February 2018 and stayed within the central bank’s 6%-8% target range, supported by a sharp appreciation in the kwacha, which has gained nearly 18% against the dollar this year on the back of surging copper prices and government efforts to encourage local currency usage. Inflation was also contained by the government’s decision earlier this month to extend a fuel tax moratorium through September 30, providing some relief as renewed tensions in the US-Iran conflict raised concerns over higher global energy and fertilizer costs. Food inflation eased to 6.4% in July from 6.7% in the previous month, while non-food inflation accelerated to 6.7% from 6.0%. On a monthly basis, consumer prices rose 0.2%, slightly higher than the 0.1% increase recorded in June.
2026-07-30
Zambia Inflation Rate Keeps Slowing
The annual inflation rate in Zambia eased further to 6.5% in June 2026, a fresh low since February 2018, down from May's 6.6%. Food inflation softened to 6.7% in June from 6.9% previously, while non-food inflation edged down to 6.0% from 6.1%, helped to a bumper corn harvest and the resilience of the domestic currency. At the same time, fuel taxes were suspended until the end of June under a government moratorium. The kwacha has strengthened nearly 20% this year, supported by copper mining inflows and progress in the restructuring of the national debt, helping to curb inflationary pressures. Zambia recently secured investor backing for a buyback of its $1.36 billion 2053 bond, aimed at reducing borrowing costs, strengthening public finances and expanding electricity access. On a monthly basis, the CPI edged up by 0.1% in June, following a 0.25 increase in the month before.
2026-06-25
Zambia Inflation Rate Cools Down for 5th Month
The annual inflation rate in Zambia fell to 6.6% in May 2026 from 6.8% in the prior month, marking the lowest since February 2018 and extending the slowdown to a fifth consecutive month. A stronger kwacha, boosted by rising copper prices and a bumper corn harvest, helped cushion inflationary pressures linked to the Middle East conflict. Food inflation moderated to 6.9% in May from 7.3% previously, while non-food price growth edged higher to 6.1% from 6%. On a monthly basis, the CPI rose by 0.2%, after a 0.7% increase in the month before.
2026-05-28