Zambia's annual inflation rate eased to 12.3% in September 2025, down from 12.6% in the prior month, extending a five-month streak of slowing price growth. It was the lowest reading since September 2023, amid the relative strength of the kwacha. Both food and non-food prices saw more modest rises in September, at 14.6% and 9%, down from 14.9% and 9.3% in August, respectively. On a monthly basis, the CPI rose by 0.5% in September, the same pace as in the prior month.