ZAMBIA · ECONOMY
Key Facts
- The country Zambia, a major copper producer in southern Africa, is led by President Hakainde Hichilema.
- The number ZamStats, the national statistics agency, says annual inflation rose to 6.3% in October from 6.1%.
- The drivers Non-food inflation jumped to 7.4% from 6.6%, led by fuel, hotel services and passenger road transport.
- The relief Food inflation eased to 5.7% from 5.8%.
- The target The Bank of Zambia, the central bank, targets 6% to 8%, so the figure sits at the low end.
Zambia’s annual inflation rate rose to 6.3% in October 2026, up from 6.1% in September, according to ZamStats, the national statistics agency. The increase of 0.2 percentage points was driven by fuel, hotel services and bus and taxi fares rather than by food.
For US readers, Zambia is a major copper producer, a metal used in power grids, electric vehicles and data centres, so its prices and currency matter to miners and investors. Our profile of Zambia’s politics and key players explains who sets economic policy.
What Happened
ZamStats reported that the consumer price index, the basket of goods and services households buy, was 6.3% higher in October 2026 than in October 2025. Statistician General Sheila Mudenda, the head of ZamStats, said the rise was mainly driven by price movements in non-food items.
Non-food inflation climbed to 7.4% from 6.6% in September, led by fuel, accommodation services and passenger road transport. Food inflation eased to 5.7% from 5.8%.
In plain English
- Annual inflation: How much more the same basket of goods costs than a year ago.
- Non-food items: Fuel, rent, hotels, transport, clothing and other things that are not groceries.
- Bank of Zambia: The central bank, which sets the policy interest rate and aims to keep inflation between 6% and 8%.
A Short Run of Falling Prices
Inflation in Zambia had been drifting lower for months, from 6.5% in July to 6.2% in August and 6.1% in September. October is the first rise in that run, although it is small.
The figure remains inside the central bank’s target band of 6% to 8%. That gives the Bank of Zambia room to wait before it changes its policy rate, which it reviews at regular meetings.
Why Fuel Matters
Fuel prices feed into almost everything in a landlocked country, because goods travel long distances by road. A higher fuel price raises bus and taxi fares first and then the cost of food that is moved to market.
Zambia’s Parliament approved splitting the energy ministry in two on Wednesday 28 October, as we reported in Zambia Splits Energy Ministry Into 2. It is not yet clear whether that change will affect fuel pricing or supply.
What It Means for You
If you hold Zambian government bonds or kwacha (the national currency), a small rise inside the central bank’s band does not change the picture, but a second rise in November would be a warning sign. Investors in copper miners should watch fuel and transport costs, which add to the cost of running mines and moving metal to port.
If you visit Zambia for safari or the Victoria Falls, expect hotels and transport to cost somewhat more than a year ago. Prices of groceries and local food are rising more slowly than services.
What Is Not Known
It is not known whether the October rise is the start of a trend or a one-month jump in fuel costs. We found no comment yet from the Bank of Zambia on the figure.
ZamStats has not said how much of the rise comes from the pump price itself and how much from hotels and transport. The release for November, due late in the month, will show whether the increase continues.
More: Zambia news in English, every day from The Rio Times.
Frequently Asked Questions
What Is Zambia’s Inflation Rate?
Zambia’s annual inflation rate was 6.3% in October 2026, up from 6.1% in September. The national statistics agency, ZamStats, published the figure.
Why Did Inflation Rise in Zambia?
ZamStats says the rise was mainly in non-food items, led by fuel, hotel services and passenger road transport. Food inflation actually eased slightly to 5.7%.
What Is the Bank of Zambia’s Inflation Target?
The Bank of Zambia aims to keep inflation between 6% and 8%. At 6.3% the October figure is inside that band.
Sources: Zambia Statistics Agency (ZamStats), annual inflation for October 2026, statement by Statistician General Sheila Mudenda, Thursday 29 October 2026; Bank of Zambia, inflation target and monetary policy statements, 2026.
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