Zimbabwe's consumer prices were broadly unchanged in US-dollar terms in August, but the latest official data shows a split beneath the headline: food and non-alcoholic beverages became cheaper while non-food prices continued to rise.

Data from the Zimbabwe National Statistics Agency (ZIMSTAT) shows that the US-dollar Consumer Price Index rose only marginally from 125.61 in July to 125.63 in August, leaving monthly USD inflation at 0.0%. This followed a 0.3% increase in July.

The stability, however, was not uniform across the basket.

Prices of food and non-alcoholic beverages fell by 0.2% during August, compared with a 0.2% increase in July. At the same time, non-food prices increased by 0.1%, although this was slower than the 0.3% increase recorded in July.

This means the absence of overall USD inflation does not mean every part of the household budget remained unchanged. The fall in food prices offset increases elsewhere in the basket.

The contrast is also visible when prices are measured in Zimbabwe Gold (ZWG). ZIMSTAT recorded 0.1% monthly inflation in ZWG terms in August, unchanged from July. Food and non-alcoholic beverage prices were flat, while non-food inflation increased to 0.2%, from 0.1% in July.

The annual picture also points to relatively subdued price pressures. ZWG annual inflation fell to 2.9% in August, from 3.2% in July, while annual USD inflation remained at 3.1%.

The latest figures extend a broader period of relatively low monthly inflation. Between January and August 2026, the average monthly inflation rate was 0.2% in USD terms, compared with 1.0% across 2025. For ZWG prices, the corresponding averages were 0.4% in 2026 and 1.2% in 2025.

The data therefore suggests that Zimbabwe's recent price stability is not simply a case of prices moving nowhere. Rather, different parts of the household consumption basket are moving in opposite directions, with lower food prices helping to offset increases in non-food goods and services.

That distinction matters for households. A headline inflation rate of zero in US-dollar terms can give the impression that the cost of living has stopped changing, yet families whose spending is concentrated in particular categories may experience a different reality.

The figures should also be read with one important qualification. ZIMSTAT says its August price data was collected between 12 and 18 August, meaning the reported monthly changes describe price movements during that collection period rather than conditions across every day of the month.

With Zimbabwe increasingly operating across both US-dollar and local-currency prices, the August figures provide a more nuanced picture than the headline inflation rate alone: overall prices were virtually unchanged in US-dollar terms, but food prices moved lower while non-food costs continued to edge upwards.