Zambia Inflation Falls to Lowest Level Since 2018 as Economic Recovery Strengthens
Zambia inflation drops to 6.5% in June 2026, lowest since 2018, driven by strong kwacha and copper exports
Zambia’s inflation rate has fallen to its lowest level since 2018, marking another milestone in the country’s ongoing economic recovery.
The decline reflects a steady easing of price pressures across key sectors and reinforces growing signs of macroeconomic stabilisation following several years of volatility.
According to the Zambia Statistics Agency, consumer inflation declined to 6.5% year-on-year in June, slightly lower than the 6.6% recorded in May.
On a month-on-month basis, prices increased marginally by 0.1%, indicating relatively stable short-term price movements.
The latest figures place inflation at levels last seen before the COVID-19 pandemic, signalling a sustained recovery trend that has been building since the start of the year.
Earlier in 2026, Zambia recorded its first return to single-digit inflation in several years, with rates falling below 10% for the first time since 2023.
At the beginning of the year, inflation stood at 9.4%, down from 11.2% in late 2025. The continued decline to 6.5% represents a significant improvement over a six-month period and highlights a broader easing of economic pressures in the country.
Economic performance has been supported by gains in the local currency, which has strengthened against the US dollar, helping to reduce import-related inflation.
At the same time, Zambia’s copper sector its key export industry has benefited from strong global demand and favourable pricing conditions.
Zambia remains one of the world’s leading copper producers, alongside the Democratic Republic of Congo, holding some of the largest copper reserves globally.
The country has set ambitious production targets, aiming to exceed one million tonnes of copper output by 2026 and increase annual production to around three million tonnes by 2031, supported by ongoing efforts to attract foreign investment into the mining sector.
In 2025, Zambia recorded a historic copper output of approximately 890,000 tonnes. Recent government data also shows continued growth in exports, with refined copper shipments rising by 10.9% year-on-year in early 2026, reflecting stronger production and improved export performance.
Overall, the sustained decline in inflation combined with rising copper revenues and currency stability points to a strengthening macroeconomic environment for Zambia, as the country continues its recovery trajectory and focuses on expanding its key export industries.
