Angola: Inflation nears 30.0% in May

In May, consumer prices rose 3.31% over the previous month, which came in above the 3.14% increase recorded in April. According to the National Statistical Institute (Instituto Nacional de Estatística), May’s reading reflected higher prices in 11 of the 12 components of the index, where the food and non-alcoholic beverages component tallied the fastest increase.

Inflation soared from 26.4% in April to 29.2% in May, which marked the highest level in over 11 years. Meanwhile, the trend continued to point upward: annual average inflation jumped from 15.0% in April to 16.8% in May, a level not seen since June 2006.

FocusEconomics Consensus Forecast panel participants expect inflation of 20.4% in 2016, which is up 1 percentage points from last month’s projection. For 2017, the panel foresees inflation of 13.1%.