Inflation Zambia 2024
Average inflation: 14.8%
Current Inflation
Inflation is very high at 14.8%, far above the ECB target.
Peak and Trough
The highest inflation was in November at 16.5%. The lowest inflation was in January at 13.2%.
- Highest month
- November: 16.5%
- Lowest month
- January: 13.2%
- Difference
- 3.3 percentage points
- Months with data
- 11 of 12
Category Insights
The highest price increase was in Food with an average of 109.9%. The lowest price increase was in Energy with an average of 11.1%.
- Highest increase
- Food: 109.9%
- Lowest increase
- Energy: 11.1%
Historical Context
Current inflation is around the 5-year average of 14.9%.
- 5-year average
- 14.9%
- 10-year average
- 12.6%
- All-time high (2021)
- 22.1%
- All-time low (2011)
- 6.4%
Trend
Inflation shows an upward trend. Compared to 2023, inflation has risen by +3.9 percentage point.
- Change vs. previous year
- +3.9 percentage points
- Largest monthly swing
- June: +5.4 percentage points
ECB Target
Inflation is 12.8% 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 €114.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 13.2% | +3.8 |
| February | 13.5% | +3.9 |
| March | 13.7% | +3.8 |
| April | 13.8% | +3.6 |
| May | 14.7% | +4.8 |
| June | 15.2% | +5.4 |
| July | 15.4% | +5.1 |
| August | 15.5% | +4.7 |
| September | 15.6% | +3.6 |
| October | 15.7% | +3.1 |
| November | 16.5% | +3.6 |
| Average | 14.8% |
Data source
Data from WorldBank. Last updated: 06/01/2026.Not all months available yet.