Angola: Inflation comes in at highest level since June 2017 in August
Consumer prices increased 2.30% over the previous month in August, accelerating from the 2.28% rise seen in July. August’s uptick was the highest reading since April. The print reflected softer price increases for clothing and footwear being offset by stronger price growth for food, and housing, water, electricity and fuels.
Inflation came in at 29.7% in August, which was up from July’s 29.3%. August’s reading was the highest inflation rate since June 2017.
Analysts at the EIU added:
“With supply-side price pressures remaining significant, inflation will remain fairly high (averaging 24.8% in 2021). We expect annual inflation to slow over the remainder of the forecast period as higher export earnings temper the rate of currency depreciation. However, the eventual reduction in several subsidies, such as those for electricity and fuel, will keep prices fairly high.”