Inflation Rate in Zambia increased to 24.60 percent in June from 23.20 percent in May of 2021. source: Central Statistical Office of Zambia

Inflation Rate in Zambia averaged 10.50 percent from 2005 until 2021, reaching an all time high of 24.60 percent in June 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 July of 2021.

Inflation Rate in Zambia is expected to be 25.40 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 18.00 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.

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Zambia Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
24.60 23.20 24.60 6.00 2005 - 2021 percent Monthly

Calendar GMT Actual Previous Consensus TEForecast
2021-03-25 08:30 AM Mar 22.8% 22.2% 23.4%
2021-04-29 09:05 AM Apr 22.7% 22.8% 24.6%
2021-05-27 08:15 AM May 23.2% 22.7% 22.5%
2021-06-24 08:25 AM Jun 24.6% 23.2% 23.5%
2021-07-30 08:30 AM Jul 24.6% 25%
2021-08-27 08:15 AM Aug 25.4%
2021-09-24 08:15 AM Sep
2021-10-29 08:10 AM Oct

News Stream
Zambia May Inflation Rate at Over 16-Year High
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.
Zambia March Inflation Rate at Over 5-Year High
The annual inflation rate in Zambia climbed for the seventh straight month to 22.8% in March of 2021, its highest level since February of 2016. Main upward pressure came from prices of food & non-alcoholic beverages (27.8% vs 27.3% in February), of which meats, fruits, eggs, sugar and cooking oil. Meantime, non-food inflation also picked up (17% vs 16.2%), mainly attributed to costs of garments, household rentals, charcoal and gas. On a monthly basis, consumer prices increased 1.7%, slowing from a 2.5% rise in February due to general price moderation in food and non-food items.
Zambia February Inflation Rate at Near 5-Year High
The annual inflation rate in Zambia soared for the sixth straight month to 22.2% in February of 2021, reaching its highest level since March of 2016. Food inflation was the highest since at least January of 2011 (27.3% vs 25.6% in January), driven by prices of cereals; meats; fish; fruits; vegetables fats & oils and milk and eggs. Meanwhile, non-food inflation slower further (16.2% vs 16.7%), of which housing & utilities (13.2% vs 14.6%) and transport (29.3% vs 38.6%). On a monthly basis, consumer prices were up 2.5%, slowing from a 3.7% rise in the previous month.
Zambia January Inflation Rate at Near 5-Year High
The annual inflation rate in Zambia climbed for the fifth straight month to 21.5% in January of 2021, reaching its highest level since April of 2016. Food inflation hit an over four-year high of 25.6% in December, from 20.2% in the prior month, mainly driven by prices of bread and cereals; meats; fish; vegetables; fats & oils and eggs. Meanwhile, non-food inflation slowed (16.7% vs 18.1%) mainly attributed to the base effect in household appliances and gas (propane). On a monthly basis, consumer prices inched up 3.7%, the most since November of 2015, after increasing 3.2% in the previous month.

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