Zambian Inflation Eases to 10.9% in November

Zambia's inflation rate slowed to 10.9% in November 2025, down from 11.9% in October 2025. This marks the lowest level in over two years, demonstrating that government economic interventions are successfully reducing cost pressures on ordinary citizens.

Zambia Statistics Agency (ZAMSTATS) Acting Statistician General Shellah Mudenda attributed the decline primarily to price movements in non-food items.

Annual food inflation also eased to 13.9% in November from 14.1% the previous month.

Speaking during the November bulletin dissemination in Lusaka, Mrs Mudenda noted that Zambia recorded a trade surplus of 1.1 billion Kwacha in October 2025, compared to 0.4 billion Kwacha in September 2025.

Exports—mainly comprising domestically produced goods—increased by 7.9%, rising from 28.5 billion Kwacha in September 2025 to 30.8 billion Kwacha in October 2025.

The Bank of Zambia lowered its interest rate by 25 basis points to 14.25% earlier this month, the first cut since August 2020. It expects inflation to continue slowing, given a favorable weather outlook for farming and subdued crude oil prices.

Moving forward lower inflation delivers tangible benefits throughout society by protecting household incomes and purchasing power.