By Aaron Machaliwa – Accounts and Treasury Officer
Zambia’s annual inflation declined to 7.5% in February 2026 from 9.4% in January, marking the lowest rate since 2019 and reflecting easing price pressures in both food and non-food categories. Food inflation slowed to 8.2% while non-food inflation moderated to 6.5%, indicating improved price stability compared to 16.8% recorded in February 2025. The slowdown suggests that the sharp rise in the cost of living is easing, although prices are still increasing. Inflation in Zambia is largely driven by a combination of cost-push inflation (fuel and input costs), imported inflation (exchange rate movements), demand-pull inflation (consumer demand), and structural factors such as agricultural supply constraints.