Angola: Inflation soars to 17-month high
Consumer prices in the province of Luanda rose 1.5% from the previous month in February, softening from January’s 1.8% result, and marking the most modest increase since November 2019. The overall upturn was chiefly driven by higher prices for food and non-alcoholic beverages.
Meanwhile, inflation in the province of Luanda jumped to 18.4% in February, from 17.9% in the opening month of the year, marking the highest reading since September 2018. The acceleration came against the backdrop of a depreciating kwanza and a deteriorating external environment, which led to crashing global crude oil prices. Lastly, annual average inflation remained stable at a near four-year low of 17.3% in February where it has been since December 2018.