Zambia Inflation Rate Rises to 6.3% in October

The annual inflation rate in Zambia edged up to 6.3% in October 2026 from 6.1% in September, its lowest level since February 2018. Non-food inflation accelerated to 7.4% from 6.6% in the previous month, amid higher international oil prices, a weaker kwacha, and the reinstatement of excise duty on fuel from October. VAT on petroleum products is set to be reinstated on December 1, 2026. Meanwhile, food inflation eased to 5.7% from 5.8% in September. On a monthly basis, consumer prices rose by 0.7%, compared with a 0.4% increase in the previous month.

The annual inflation rate in Zambia eased to 6.1% in September 2026, the lowest level since February 2018, down from 6.2% in August. Food inflation slowed to 5.8% in September, compared with 6% a month earlier, while non-food price growth remained steady at 6.6%. A resilient currency and temporary tax measures have helped contain inflation in Zambia, with the fuel-tax suspension and zero-rated VAT set to expire on September 30. On a monthly basis, the CPI rose by 0.4%, the most in five months, after a 0.2% increase in the month before.

The annual inflation rate in Zambia softened to 6.2% in August 2026, a new low since February 2018, down from 6.5% previously. The headline is now closer to the lower bound of the central bank’s 6% to 8% target range, helped by the resilience of the kwacha. The pace of food-price growth slowed to 6.0% in August, from 6.4% in July, while non-food inflation registered only a marginal decline, easing to 6.6% from 6.7%. On a monthly basis, the CPI rose by 0.2% in August, the same pace as in the prior month. Zambians handed Hakainde Hichilema a second five-year mandate on 18 August, with the president securing 61.4% of the vote. Inflation fell from around 23% to 6.5% during his first term, its lowest level in almost a decade, while debt restructuring helped strengthen investor confidence.