The annual inflation rate in Zambia fell to 6.6% in May 2026 from 6.8% in the prior month, marking the lowest since February 2018 and extending the slowdown to a fifth consecutive month. A stronger kwacha, boosted by rising copper prices and a bumper corn harvest, helped cushion inflationary pressures linked to the Middle East conflict. Food inflation moderated to 6.9% in May from 7.3% previously, while non-food price growth edged higher to 6.1% from 6%. On a monthly basis, the CPI rose by 0.2%, after a 0.7% increase in the month before.