Angola Inflation July 2023

Angola: Inflation comes in at highest level since January in July

Inflation came in at 12.1% in July, which was up from June’s 11.2%. July’s reading marked the highest inflation rate since January. The upturn was chiefly driven by a sharp depreciation of the kwanza, which has been one of the world’s worst-performing currencies this year, due to low oil prices and higher debt payments. Moreover, government’s decision to reduce a fuel subsidy in early June has led to a large increase in gasoline prices, which further boosted inflation.

Meanwhile, consumer prices increased 1.60% in July over the previous month, picking up from June’s 1.41% rise. July’s uptick marked the sharpest increase in prices since February 2022.

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