By Cecilia Chiluba/Zambia/Lusaka
Zambia’s annual inflation for January 2026 eased to 9.4 percent, down from 11.2 percent recorded in December 2025, marking a return to single-digit inflation for the first time since 2023.
The slowdown aligns with projections for inflation to move toward the Bank of Zambia’s 6–8 percent target band during the first quarter of 2026.
The downward trend, supported by a strengthening Kwacha as well as lower food and energy prices, points to an average inflation rate of 7.7 percent in 2026, down from 13.3 percent in 2025.
The Zambia Statistics Agency (ZamStats) attributed the decline in January’s inflation to price movements in both food and non-food items.
ZamStats Acting Statistician General Sheila Mudenda said annual food inflation fell to 10.9 percent from 12.9 percent in December 2025, following declines in the prices of mealie meal, rice, fruits, vegetables and cooking oil.
Mrs. Mudenda told Reporters at a media briefing that annual non-food inflation eased to 7.3 percent from 8.7 percent in December 2025.
This was driven by price movements in diesel and petrol, passenger air transport, and the purchase of motor vehicles.
“The overall monthly inflation rate for January 2026 was recorded at 0.5 percent compared with 1.5 percent recorded in December, 2025.”
“This outturn was attributed to price movements in selected non-food items,” she noted.
Monthly food inflation for January 2026 was recorded at 0.9 percent, compared with 0.6 percent in December 2025.
According to Mrs. Mudenda, this indicates that, on average, food prices increased by 0.9 percent between December 2025 and January 2026.
She attributed the increase to price movements in mealie meal, beef products, rice and eggs.
Meanwhile, the country recorded a trade surplus of K1.0 billion in December 2025, up from a surplus of K0.6 billion recorded in November 2025.
According to Mrs. Mudenda, exports—mainly comprising domestically produced goods—rose by 3.9 percent, from K28.1 billion in November 2025 to K29.2 billion in December 2025.
She attributed the increase to higher export earnings from Intermediate goods, which rose by 3.4 percent, Raw materials by 15.8 percent, and Capital goods by 0.7 percent.
“Imports increased by 7.3 percent from K29.6 billion in November 2025 to K27.5 billion in December 2025,” she noted.
She explained that the increase was mainly driven by higher import bills for Capital goods, which rose by 20.1 percent, Intermediate goods by 8.5 percent, and Raw materials by 14.9 percent.
