Consumer prices in Angola have risen by 24.82% over the last 12 months, according to the latest figures from the country’s National Statistics Institute (INE), released on Friday, with prices up 2.09% in the month of April alone.
“The year on year rise was 24.82 percent, an incease of 4.01 percentage points compared to the same period of the previous year,” said the release on the National Consumer Price Index (IPCN), which also shows that prices rose 2.09% from March to April.
The component of the index for food and non-alcoholic beverages saw the highest month-on-month increase, at 2.58%, followed by health, with 2.21%, miscellaneous goods and services, with 1.97%, and hotels, cafés and restaurants, with 1.84%.
Due to its weighting in the index, food and beverages was also the category that, according to the INE, “most contributed to the rise in general price levels” – accounting for 1.45 percentage points of the 2.09% rise in April.
The month-on-month price increase was 0.31 of a percentage point higher than that seen in March and 0.04 of a point more than the 2.05% rise seen in April last year.
So far this year, consumer prices in Angola have risen by 7.65%, a figure similar to that recorded in the first four months of last year, when they were up 7.89%. Compared to 2019, this represents an increase of 3.25 percentage points from the 4.40% then recorded.
According to the INE, the provinces that saw the biggest month-on-month increases in prices were Luanda (2.32%), Lunda Sul (2.26%), Uíge (2.19%) and Zaire (2.17%).
The provinces with the lowest rises were Huambo (1.66%), Moxico (1.61%), Bié (1.55%) and Cabinda (1.52%).
In the draft state budget for 2021, the government projects consumer price inflation of 18.27% for the year as a whole.
In January, consultancy NKC African Economics forecast inflation of 22.6% this year, slightly up from 22.2 percent last year, due to the depreciation of the currency and the economic crisis in the country in the wake of the pandemic.