Zambia’s annual inflation rate eased to 6.2% in August 2026, its lowest level since February 2018, down from 6.5% in the previous month. This brings headline inflation close to the lower bound of the central bank’s 6%–8% target range, supported by the resilience of the kwacha. On a monthly basis, the consumer price index rose by 0.2% in August, matching the pace recorded in July.
On 18 August, Zambian voters granted President Hakainde Hichilema a second five-year term, with the incumbent winning 61.4% of the vote. During his first term, inflation declined from around 23% to 6.5%, reaching its lowest level in nearly a decade, while progress on debt restructuring contributed to improved investor confidence.
