Zambia's annual inflation rate fell further to a near two-year low of 12.6% in August 2025, from 13% in July, marking a fourth consecutive month of decline. The relative stability of the kwanza has played a central role in this trend. Food inflation cooled to 14.9% in August, down from 15.3% in July, and non-food prices rose more slowly at 9.3%, compared with 9.7% last month. On a monthly basis, the CPI rose by 0.5% in August, up from a 0.1% increase in the prior month.