Headline inflation in Zambia was marginally higher in July, coming in at 9.9 percent y/y from 9.7 percent y/y in the prior month. On a month-on-month basis, consumer prices climbed 0.4 percent. Cooking oil, diesel and gasoline prices contributed to the uptick in the headline figure. Annual food price growth rose to 12 percent in July from 11.9 percent in June, while non-food price inflation accelerated to 7.2 percent from 6.9 percent in June. While inflation edged higher in June, it is modest compared to levels seen over the past two years. The resilient Zambian kwacha is helping to contain price pressures stemming from supply-chain disruptions related to the war in Ukraine and intermittent COVID-19 lockdowns. Compared to levels seen a year ago, the kwacha has appreciated by almost 15 percent against the US dollar, making it one of the best-performing African currencies.