The annual inflation rate in Zambia jumped to 23.2 percent in May of 2021 from 22.7 percent in the previous month. It was the highest inflation rate since at least March of 2005, partly due to a weaker currency and rising food prices (28.5 percent vs 27.2 percent), namely those of meat and fish. Inflation that has been above the upper bound of the central bank’s target range of 6% to 8% for more than two years is expected to stay there until at least the first quarter of 2023. Africa's first pandemic-era sovereign defaulter is seeking to reach a deal on an economic program with the International Monetary Fund that’s crucial to the government’s plans to restructure as much as $12.7 billion of external debt and boost foreign-exchange reserves, which could also improve the kwacha’s outlook and ease inflationary pressures. source: Central Statistical Office of Zambia
Inflation Rate in Zambia averaged 10.43 percent from 2005 until 2021, reaching an all time high of 23.20 percent in May of 2021 and a record low of 6 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 June of 2021.
Inflation Rate in Zambia is expected to be 23.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Zambia to stand at 20.00 in 12 months time. In the long-term, the Zambia Inflation Rate is projected to trend around 16.70 percent in 2022 and 10.00 percent in 2023, according to our econometric models.