Zambia reports rising inflation and maize export contracts

Zambia’s annual inflation rate rose to 6.3 percent in October 2026, up from 6.1 percent in September, according to the Zambia Statistics Agency. The increase was primarily driven by price movements in non-food items. While food and non-alcoholic beverage inflation dropped to 5.7 percent, Lusaka Province saw an increase in inflation to 8.6 percent.

In the agricultural sector, the Food Reserve Agency (FRA) has secured export contracts for 1.5 million tonnes of maize. However, the agency still owes farmers approximately K14.6 billion ($725 million) for grain purchased during the 2026 marketing season. The government has proposed a K19.9 billion ($988 million) supplementary budget to address these outstanding payments, with a significant portion intended for farmer compensation.

The FRA’s maize purchase target was expanded from an initial 500,000 tonnes to 2.7 million tonnes following a bumper harvest. Total maize stocks are expected to reach approximately 4.1 million tonnes. Additionally, Zambia recorded a trade deficit of US$186.4 million in September.