Headline inflation eased for a third straight month, continuing a slow descent from the double-digit readings that defined the previous two years. The direction of travel is right. The composition is the part worth arguing about.
Headline inflation, month by month
Year-on-year change in the all-items consumer price index
Show the numbers
| Month | Inflation (%) | Food Inflation (%) | Non-Food Inflation (%) |
|---|---|---|---|
| Aug 2026 | 6.2 | 6.0 | 6.6 |
| Jul 2026 | 6.5 | 6.4 | 6.7 |
| Jun 2026 | 6.5 | 6.7 | 6.0 |
| May 2026 | 6.6 | 6.9 | 6.1 |
| Apr 2026 | 6.8 | 7.3 | 6.0 |
| Mar 2026 | 7.1 | 7.8 | 5.9 |
| Feb 2026 | 7.5 | 8.2 | 6.5 |
| Jan 2026 | 9.4 | 10.9 | 7.3 |
| Dec 2025 | 11.2 | 12.9 | 8.7 |
| Nov 2025 | 10.9 | 13.9 | 6.6 |
| Oct 2025 | 11.9 | 14.1 | 8.7 |
| Sep 2025 | 12.3 | 14.6 | 9.0 |
| Aug 2025 | 12.6 | 14.9 | 9.3 |
| Jul 2025 | 13.0 | 15.3 | 9.7 |
| Jun 2025 | 14.1 | 16.7 | 10.3 |
| May 2025 | 15.3 | 17.9 | 11.6 |
| Apr 2025 | 16.5 | 18.7 | 13.4 |
| Mar 2025 | 16.8 | 20.6 | 11.7 |
| Jan 2025 | 16.7 | 19.2 | 13.2 |
| Dec 2024 | 16.7 | 18.6 | 14.2 |
| Nov 2024 | 16.5 | 18.2 | 14.1 |
| Oct 2024 | 15.7 | 18.2 | 12.2 |
| Sep 2024 | 15.6 | 17.9 | 12.4 |
| Aug 2024 | 15.5 | 17.6 | 12.5 |
| Jul 2024 | 15.4 | 17.4 | 12.6 |
| Jun 2024 | 15.2 | 16.8 | 13.0 |
| May 2024 | 14.7 | 16.2 | 12.7 |
| Apr 2024 | 13.8 | 15.7 | 11.2 |
| Mar 2024 | 13.7 | 15.6 | 11.2 |
| Feb 2024 | 13.5 | 14.1 | 12.7 |
| Jan 2024 | 13.2 | 13.7 | 12.4 |
| Dec 2023 | 13.1 | 14.2 | 11.6 |
| Nov 2023 | 12.9 | 13.7 | 11.8 |
| Oct 2023 | 12.6 | 13.6 | 11.3 |
| Sep 2023 | 12.0 | 13.4 | 10.1 |
| Aug 2023 | 10.8 | 12.6 | 8.5 |
| Jul 2023 | 10.3 | 12.1 | 7.8 |
| Jun 2023 | 9.8 | 11.2 | 7.8 |
| May 2023 | 9.9 | 11.6 | 7.6 |
| Apr 2023 | 10.2 | 11.6 | 8.3 |
| Mar 2023 | 9.9 | 11.8 | 7.3 |
| Feb 2023 | 9.6 | 11.6 | 6.9 |
| Jan 2023 | 9.4 | 11.6 | 6.4 |
| Dec 2022 | 9.9 | 11.9 | 7.3 |
| Nov 2022 | 9.8 | 12.1 | 6.7 |
| Oct 2022 | 9.7 | 12.2 | 6.5 |
| Sep 2022 | 9.9 | 12.1 | 7.2 |
| Aug 2022 | 9.8 | 11.3 | 7.8 |
| Jul 2022 | 9.9 | 12.0 | 7.2 |
| Jun 2022 | 9.7 | 11.9 | 6.9 |
| May 2022 | 10.2 | 12.3 | 7.5 |
| Apr 2022 | 11.5 | 14.1 | 8.2 |
| Mar 2022 | 13.1 | 15.3 | 10.3 |
| Feb 2022 | 14.2 | 16.0 | 11.8 |
| Jan 2022 | 15.1 | 16.9 | 12.7 |
| Dec 2021 | 16.4 | 19.9 | 12.1 |
| Nov 2021 | 19.3 | 25.4 | 12.2 |
| Oct 2021 | 21.1 | 28.1 | 13.2 |
| Sep 2021 | 22.1 | 29.6 | 13.6 |
| Aug 2021 | 24.4 | 31.6 | 16.3 |
| Jul 2021 | 24.6 | 31.2 | 17.0 |
| Jun 2021 | 24.6 | 31.2 | 17.1 |
| May 2021 | 23.2 | 28.5 | 17.1 |
| Apr 2021 | 22.7 | 27.2 | 17.5 |
| Mar 2021 | 22.8 | 27.8 | 17.0 |
| Feb 2021 | 22.2 | 27.3 | 16.2 |
| Jan 2021 | 21.5 | 25.6 | 16.7 |
Food and non-food are shown alongside the headline rate to make clear which basket is doing the work.
Source: Zambia Statistics Agency. Data to Aug 2026. Explore the data
The food basket, which carries the heaviest weight in the Zambian consumer price index and the heaviest weight in most household budgets, has been the swing factor throughout. When food inflation moves, the headline follows within a month or two; non-food inflation has been comparatively inert.
What to watch next
Three things will decide whether this is a trend or a pause: the maize price through the marketing season, the pass-through from the exchange rate into imported goods, and whether the Bank of Zambia treats the recent readings as durable enough to stop tightening.
Charts in KSJ analysis are drawn live from our economic database, so the figures above update with every new monthly release rather than freezing on the day of publication.
