Inflation Zambia 2023
Average inflation: 10.9%
Current Inflation
Inflation is very high at 10.9%, far above the ECB target.
Peak and Trough
The highest inflation was in December at 13.1%. The lowest inflation was in January at 9.4%.
- Highest month
- December: 13.1%
- Lowest month
- January: 9.4%
- Difference
- 3.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 12.4%. The lowest price increase was in Energy with an average of 7.9%.
- Highest increase
- Food: 12.4%
- Lowest increase
- Energy: 7.9%
Historical Context
Current inflation is 2.9% lower than the 5-year average of 13.8%.
- 5-year average
- 13.8%
- 10-year average
- 11.9%
- All-time high (2021)
- 22.1%
- All-time low (2011)
- 6.4%
Trend
Inflation shows a downward trend. Compared to 2022, inflation has fallen by +0.2 percentage point.
- Change vs. previous year
- -0.2 percentage points
- Largest monthly swing
- January: -5.7 percentage points
ECB Target
Inflation is 8.9% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €110.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 9.4% | -5.7 |
| February | 9.6% | -4.6 |
| March | 9.9% | -3.2 |
| April | 10.2% | -1.3 |
| May | 9.9% | -0.3 |
| June | 9.8% | +0.1 |
| July | 10.3% | +0.4 |
| August | 10.8% | +1.0 |
| September | 12.0% | +2.1 |
| October | 12.6% | +2.9 |
| November | 12.9% | +3.1 |
| December | 13.1% | +3.2 |
| Average | 10.9% |
Data source
Data from WorldBank. Last updated: 06/01/2026.