Lusaka, 11 February 2026 – The Economics Association of Zambia (EAZ) has described the attainment of single-digit inflation in January 2026 as a significant national milestone and a decisive policy victory for the country.
In a press statement issued on 11th February 2026, the Association congratulated President Hakainde Hichilema, Minister of Finance and National Planning Dr Situmbeko Musokotwane, and Bank of Zambia Governor Dr Denny H. Kalyalya, along with the Bank’s Board and Management, for steering the country towards renewed price stability.
EAZ noted that the achievement follows several years of elevated inflationary pressures and reflects strong political will, disciplined fiscal management, and consistent, evidence-based monetary policy.
The Association particularly commended the Bank of Zambia for anchoring inflation expectations through transparent communication, data-driven policy actions, and strengthened confidence in financial markets. It also praised the Ministry of Finance for maintaining fiscal restraint and prioritising macroeconomic stability, stating that coordinated monetary and fiscal policy created the environment necessary for reducing inflation.
Beyond government institutions, EAZ acknowledged the role played by private sector actors, civil society, cooperating partners, and the general public in supporting the country’s path to stability.
However, the Association cautioned that sustaining single-digit inflation will require continued vigilance. It warned against potential risks including supply-side shocks, fiscal slippages, and external vulnerabilities.
EAZ emphasised that maintaining low and stable inflation will depend on ongoing structural reforms, investment in productive capacity, and enhanced competitiveness across sectors. The Association reaffirmed its commitment to providing independent economic analysis and policy advocacy to entrench price stability as a core pillar of national development
Looking ahead, EAZ encouraged Government to prioritise high and sustained economic growth, strengthen productivity and value addition in key sectors, and maintain a policy environment conducive to keeping inflation within the 6–8 percent range by 2030, in line with long-term macroeconomic targets
“A growing economy anchored on predictable and moderate inflation will enhance household welfare, attract investment, promote job creation, and ensure lasting macroeconomic resilience,” the statement concluded
The statement was issued by the Board of Directors of the Economics Association of Zambia in Lusaka
