Angola: Inflation hits highest level since October 2017 in April
The print reflected softer price increases for clothing and footwear, and housing, water, electricity and gas. On the other hand, prices for food and non-alcoholic beverages increased at a slightly quicker pace.
Inflation increased to 27.7% in April, above March’s 27.3%. April's figure represented the highest inflation rate since October 2017. Meanwhile, the trend pointed up, with annual average inflation rising to 24.3% in April from 23.7% in March.
Commenting on the inflation outlook, Gerrit van Rooyen, economist at Oxford Economics, added:
“The local currency remains vulnerable to changes in global sentiment as well as declining oil production, and is expected to weaken by a further 2% this year. The depreciation will continue to put upward pressure on consumer prices, owing to Angola’s heavy reliance on imported goods. The CPI will also face pressure from rising global energy and food prices in H1 2021 as well as increased taxes on consumer goods.” ■