Zambia Inflation Falls to Lowest Since 2019

The annual inflation rate in Zambia eased to 7.5% in February 2026 from 9.4% in the previous month. This marked the lowest rate since March 2019, due to softer price increases across most main groups, particularly food and non-alcoholic beverages (8.2% vs 10.9% in January), housing and utilities (8.8% vs 9.9%), furnishing, household equipment, and routine household maintenance (6.3% vs 6.6%), clothing and footwear (8.2% vs 8.5%), transport (0.4% vs 2.2%), and miscellaneous goods and services (9.4% vs 9.5%). On a monthly basis, consumer prices increased by 0.6%, following a 0.5% rise in January.

Zambia’s annual inflation rate rose to 11.2% in December 2025 from a 27-month low of 10.9% in the previous month, snapping a seven-month streak of easing price pressures. The uptick was driven by a sharp acceleration in non-food inflation (8.7% vs 6.6% in October), reflecting higher prices for garments and air passenger transport. In contrast, food inflation eased slightly (12.9% vs 13.9%), marking the lowest reading since August 2023, mainly due to slower price increases in cereals and meats. On a monthly basis, consumer prices increased by 1.5%, the strongest rise since February, accelerating from a 0.7% gain in October.

Zambia's annual inflation rate decelerated further to 10.9% in November 2025, the lowest since August 2023, from 11.9% in the prior month. This marks the seventh consecutive period of slowing price-growth, largely due to a stronger kwacha. Food inflation eased to 13.9% in November, down from 14.1% in October, while non-food price growth slowed to 6.6% from 8.7%. On a monthly basis, the CPI rose by 0.7% in November, the most in seven months, after a 0.4% increase in the previous month.