Zambia Inflation Rate

Last Release

Sep 30, 2024

Actual

15.6

Units In

15.5

Frequency

Monthly

Next Release

Oct 31, 2024

Time to Release

1 Months 2 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
24.6 Jun 2021	6 Dec 2011	10.99 %	2005-2024	N/A

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. .

Latest Updates

The annual inflation rate in Zambia continued to climb for the 15th month to reach 15.6% in September 2024, the highest since December 2021, up from 15.5% in the prior month. Food prices accelerated (17.9% vs 17.6% in August), while non-food price growth slowed (12.4% vs 12.5%). The upward trend in inflation is largely driven by an El Niño-induced drought that has severely impacted crop yields, leading to sharp increases in the prices of corn, rice, and meat. This unprecedented drought, the worst in over a century, has also hampered hydropower generation. Consequently, increased reliance on imports of electricity and food has weakened the kwacha, further exacerbating price pressures.