FX.co ★ Zambia Inflation Rate Falls to 2-Year Low

Zambia's annual inflation rate moderated to 12.3% in September 2025, a decrease from 12.6% in the previous month, marking the fifth consecutive month of decelerating price increases. This represents the lowest inflation figure since September 2023, supported by the kwacha's relative strength. Both food and non-food prices experienced slower increases in September, recording rises of 14.6% and 9% respectively, compared to 14.9% and 9.3% in August. On a month-to-month basis, the Consumer Price Index (CPI) increased by 0.5% in September, maintaining the same growth rate as the prior month.