Surge in Angola: Inflation Hits 31% After 14 Months of Steady Climb

June marked Angola’s inflation rate soaring to a significant 31%, continuing its upward trajectory for the 14th consecutive month.

Driven mainly by steep rises in food and beverage prices, this trend highlights escalating costs that impact daily life.

According to the Angolan National Institute of Statistics, this marks the highest rate seen since May 2017, showcasing a sharp increase of 19.75 percentage points from last year.

Food and non-alcoholic beverages exerted the greatest influence, adding 1.33 percentage points to the overall price level.

Following closely were miscellaneous goods and services, contributing 0.19 percentage points.

Health care and clothing and footwear each contributed 0.11 percentage points. Hotels, cafes, and restaurants accounted for an additional 0.08 percentage points.

Notably, consumer prices in June edged up by 2.07%, the smallest monthly rise since July 2023, a slowdown from May’s 2.49% increase.

This month saw significant price hikes across the healthcare, apparel, various services, and hospitality sectors.

In Luanda, the capital, inflation hit a staggering 42.82%, a jump of 31.46 percentage points from the previous year, with a monthly increase of 2.58%.

The National Consumer Price Index tracks price changes across 12 categories of goods and services.

It emphasizes that food and drinks alone make up 56% of this basket, underscoring their pivotal role in the cost of living.

This persistent inflationary pressure is linked to the kwanza’s depreciation and the phased removal of fuel subsidies. Additionally, it’s compounded by ongoing foreign currency availability issues.

These factors not only influence local economies but also resonate globally, reflecting the interconnected nature of modern financial systems.

More: Angola news in English, every day from The Rio Times.

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