Angola’S Inflation Hits 18-Month High At 21.99% In January
Date
2/15/2024 3:19:19 PM
(MENAFN- The Rio Times) In January, Angola's inflation hit 21.99%, an 18-month peak, up 9.44 points from last year, says Angola's Statistics Institute.
The Consumer Price index jumped 2.49% from December to January, the biggest rise in three years, per the QIS.
Inflation has been on a monthly rise for 15 consecutive months, with year-on-year inflation also climbing since April 2023.
The "Health" category experienced the most significant price increase in January, with a change of 3.15%.
This was followed by "Miscellaneous goods and services" at 2.98%, "Food and non-alcoholic beverages" at 2.94%, and "Clothing and footwear" at 2.54%.
Luanda, Huíla, and Namibe provinces saw the highest monthly price variations, at 3.40%, 2.04%, and 1.99%, respectively.
Year-on-year, the "Food and non-alcoholic beverages" category contributed most to the overall price level increase in January, adding 1.74 percentage points.
This was followed by "Miscellaneous goods and services" at 0.21, "Health" at 0.13 percentage points, and "Clothing and footwear" at 0.10 percentage points.
Background
Angola's recent inflation spike reflects deep-seated economic vulnerabilities tied to its oil-dependent economy and global market shifts.
This situation underscores the urgency for diversification and reforms to ensure price stability and growth.
The government's push for diversification, notably in agriculture and renewables, aims to mitigate inflation, though its effectiveness remains uncertain.
Rising living costs notably strain healthcare and food access, spotlighting the need for targeted reforms in these critical sectors.
The health and food price increases pose significant challenges, urging the government to enhance healthcare accessibility and food security.
Moving forward, Angola's economic stability hinges on effective domestic reforms and international cooperation, aiming to diversify its economy and improve citizens' well-being.
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