Angola: Inflation increases to over four-year high in July
August 13, 2021
Consumer prices rose 2.28% month-on-month in July, accelerating from June’s 2.24%. The print came on the back of a sharper increase in clothing and footwear prices, while food and non-alcoholic beverages price growth remained pronounced.
Inflation, meanwhile, continued to rise and reached an over four-year high in July, coming in at 29.3%, up from 28.7% in June. Furthermore, the trend pointed up as annual average inflation came in at 26.1% in July from June’s 25.5%.
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.”