Angola: Inflation falls to 11.78 percent in 2007

14 January 2008

Luanda, Angola, 14 Jan – Angola’s rate of inflation in 2007 totaled 11.78 percent, the lowest over the last 16 years, Angola’s National Statistics Institute (INE) said in Luanda Friday.

Despite the reduction accumulated inflation was still 1.78 percentage points above the 10 percent projected in the Angolan State Budget for 2007, for the second consecutive year.

The figure for 2007 confirms the downward trend begun in 2003, a year in which for the first time inflation stood at two digits, at 76.57 percent, after reaching 105.6 percent the previous year.

1995 was the worst year in Angola’s economic history, in which inflation totaled 3,783.25 percent for the year. The worst rate of monthly inflation was posted in May 1996, with a consumer price variation of 84 percent.

In its budget for 1008, the government has projected inflation not higher than 10 percent.

INE’s figures, based on the monthly analysis of the price of 14,000 products, showed that the worst month of 2007 was December, with prices rising 1.91 percent. (macauhub)