Inflation in Zambia
In the year to August 2026, consumer prices in Zambia rose 6.2%, down from 6.5% a month earlier. Since January 2010 prices have risen 432.1%, which means ZK100 then buys what ZK532.11 buys now, so the same basket of goods costs 5.3 times what it did.
Cumulative & Yearly Inflation
Inflation in Zambia by year
Inflation is the change in that year's average prices against the year before, which is the figure usually quoted. The last two columns take ZK100 in January of that year and show what it is worth in August 2026, the most recent month on record. Only years measured in full are listed, so the year now running appears once it ends.
| Year | Inflation | ZK100 is now | Cumulative inflation |
|---|---|---|---|
| 2020 | 15.7% | 226.46 | 126.5% |
| 2024 | 15.0% | 130.87 | 30.9% |
| 2025 | 13.9% | 112.15 | 12.2% |
Every year from 2011 to 2025
| Year | Inflation | ZK100 is now | Cumulative inflation |
|---|---|---|---|
| 2011 | 6.4% | 500.60 | 400.6% |
| 2012 | 6.6% | 470.42 | 370.4% |
| 2013 | 7.0% | 439.66 | 339.7% |
| 2014 | 7.8% | 409.86 | 309.9% |
| 2015 | 10.1% | 380.70 | 280.7% |
| 2016 | 17.9% | 312.66 | 212.7% |
| 2017 | 6.6% | 292.10 | 192.1% |
| 2018 | 7.5% | 275.03 | 175.0% |
| 2019 | 9.2% | 254.81 | 154.8% |
| 2020 | 15.7% | 226.46 | 126.5% |
| 2021 | 22.0% | 186.41 | 86.4% |
| 2022 | 11.0% | 161.99 | 62.0% |
| 2023 | 10.9% | 148.10 | 48.1% |
| 2024 | 15.0% | 130.87 | 30.9% |
| 2025 | 13.9% | 112.15 | 12.2% |
A short history of inflation in Zambia
Copper, Kwacha and Debt (1991 onwards)
Zambian inflation follows copper and the kwacha. Copper is the overwhelming share of exports, so when its price falls the currency follows and the cost of imported fuel and fertiliser rises; the reverse holds in a boom. Inflation ran into three figures in the early 1990s as the economy was liberalised after decades of state control.
Default and Recovery (2020 onwards)
Heavy borrowing through the 2010s ended in default in November 2020, the first African country to fail during the pandemic. The kwacha fell sharply and inflation rose with it; drought in 2024 cut both the maize harvest and the hydropower on which the country depends for electricity, adding food and energy costs at the same time. Debt restructuring has since allowed some stabilisation.
Common questions about inflation in Zambia
What is the current inflation rate in Zambia?
Prices in Zambia rose 6.2% in the year to August 2026. That is down from 6.5% a month earlier.
What would ZK100 in January 2010 be worth today?
ZK100.00 in January 2010 has the same buying power as ZK532.11 in August 2026, a rise of 432.1%.
What would ZK100 in January 2020 be worth today?
ZK100.00 in January 2020 has the same buying power as ZK226.46 in August 2026, a rise of 126.5%.
What is Zambia's inflation target?
Zambia targets 6–8%. The latest reading of 6.2% is sitting on it.
How inflation in Zambia is measured
The figures on this page come from the IMF's CPI dataset, with the original data from the Zambia Statistics Agency. The series is indexed so that a chosen base year equals 100, and the calculator works out the ratio between any two dates you pick.
The currency shown is the Zambian kwacha (ZK). Coverage runs from January 2010 to August 2026, and updates automatically as each new release is published. Figures for the most recent periods can be revised by the statistics office after first publication.
Use this data
Click the reference to select it.
Compare Inflation. “Inflation in Zambia.” Figures for August 2026. https://compareinflation.com/inflation-in-zambia/
Download the full series (CSV) — 200 months, January 2010 to August 2026, with the annual rate for each.