Zambia’s annual inflation eased to a 14-month low in June after a rally in its currency helped curb the cost of imports.

Consumer prices rose 14.1% compared with 15.3% in May, Acting Statistician-General Sheila Mudenda told reporters Thursday in Lusaka, the capital.

Africa’s second largest copper producer is reaping the benefits from a surge in the price of the metal and a rebound in its agricultural output after its worst drought in more than a 100 years. That’s led the kwacha to appreciate 19% against the dollar in the past two months — making it the world’s second best-performing currency.

The southern African nation’s copper production in the first quarter rose nearly 30% compared with a year earlier and its corn output is projected to more than double to an estimated 3.66-million tons in 2025.

Food inflation decelerated to 16.7% in June from 17.9% a month earlier and non-food price growth cooled to 10.3% from 11.6% in May. Prices rose 0.2% in the month.

If the slowdown in inflation persists and tensions in the Middle East — driving oil price volatility — ease, the Bank of Zambia may be persuaded to cut its key interest rate in August, after keeping it on hold at 14.5% last month.

Inflation has been above 8% - the upper limit of the central bank’s target band — since May 2019. The monetary authority expects it to return to target in the first quarter of 2027 and average 13.8% in 2025 and 8.8% next year.