Inflation drops in June

Latest reading: Inflation came in at 19.7% in June, which was down from May’s 20.7%, marking the lowest inflation rate since November 2023. Renewed Central Bank intervention in FX markets has buoyed the kwanza, taming imported inflation. Domestically, high interest rates and improved consumer goods supply have contributed to a sustained decline in inflation. That said, the paring back of fuel subsidies likely capped the overall decline in inflation and should keep it among the highest in Sub-Saharan Africa ahead. Accordingly, the trend pointed down, with annual average inflation coming in at 25.9% in June (May: 26.9%). Finally, consumer prices rose 1.21% in June over the previous month, picking up from the 1.17% increase seen in May.

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