Zambia's annual inflation rate eased for the second month to reach 14.1% in June 2025, the lowest level since April 2024, as the ongoing strength of the kwacha helped to temper import costs. Zambia’s kwacha has appreciated nearly 20% against the US dollar since late March, making it the world’s second-best performing currency. The rally has been fueled by surging copper prices and a rebound in agricultural output following the country’s worst drought in over a century. Food inflation decelerated to 16.7% in June from 17.9% in May, while non-food price growth moderated to 10.3% from 11.6%. The monthly consumer price index rose by 0.2%, after a 0.3% increase in the prior month.