Angola Inflation January 2024

Angola: Inflation comes in at highest level since June 2022 in January

Inflation came in at 22.0% in January, up from December’s 20.0%. January’s reading represented the highest inflation rate since June 2022. The partial removal of fuel subsidies in June 2023 and the continuous depreciation of the kwanza have driven up price pressures since Q2 2023.

As a result, annual average inflation rose to 14.5% in January (December: 13.6%).

Finally, consumer prices increased 2.49% in January over the previous month, picking up from December’s 2.42% increase. January’s figure was the highest reading since September 2018.

Inflation will accelerate notably on average this year from 2023 Recovering economic growth and stronger consumer spending, the removal of the remaining fuel subsidies sometime this year, and a weaker kwanza in year-on-year terms will drive inflation above its 2013–2023 average of 19.3%. The Central Bank has, consequently, opted to keep the currently restrictive monetary policy backdrop and is expected to hike further by end-2024 given its informal target of reaching single digit inflation by 2028.

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