LUSAKA — Zambia’s annual inflation rate eased to 9.2 percent in May, down from 9.8 percent in April, as food price pressures moderated following favourable rainfall in maize-growing provinces.
Zambia Statistics Agency interim statistician-general Mulenga Musepa said the food and non-alcoholic beverages index rose 7.1 percent year-on-year, compared with 8.4 percent the previous month. Mealie meal prices in Lusaka retail outlets fell by an average of K4 per 25-kilogram bag.
The Bank of Zambia held the policy rate steady at 9.0 percent at its June monetary policy committee meeting, citing the disinflation trend but warning of upside risks from fuel imports and Kwacha volatility.
Households in high-density townships said relief was marginal given persistent load-shedding costs for generators and charcoal. Joseph Mwila, a market analyst in Kabwata, noted that tomato and onion prices remained elevated due to transport disruptions on the Great North Road.
Economists expect inflation to remain within the central bank’s 6-8 percent medium-term target band if the 2026 maize harvest meets the 3.2 million tonne projection released by the Ministry of Agriculture.
