Inflation Falls Again in May to 6.6%

Zambia's annual inflation rate has fallen to 6.6 percent in May 2026 from 6.8 percent in April, according to fresh figures from the Zambia Statistics Agency (ZamStats).

The latest reading marks a striking turnaround from the record high of 24.6 percent recorded in June and July 2021, when the kwacha was under severe pressure and food costs were climbing sharply. The sustained slowdown points to greater macroeconomic stability under President Hakainde Hichilema's government, which has prioritised fiscal discipline and currency stabilisation since taking office.

Food inflation, long the dominant driver of price pressure for ordinary Zambians, slowed to 6.9 percent in May, down from 7.3 percent the previous month. ZamStats attributed the easing to lower prices for breakfast mealie meal, roller mealie meal, maize grain, and imported rice. Better domestic supply and softer regional grain prices have helped bring relief to household budgets.

Non-food inflation moved in the opposite direction, ticking up to 6.1 percent from 6 percent in April. The increase was driven largely by higher costs for pharmaceutical products, as well as fuels and lubricants including diesel, paraffin, engine oil, and brake fluid.