Cape Verde: Inflation projected at 6.5 percent this year and to slow in 2009

28 October 2008

Praia, Cape Verde, 28 Oct – The inflation rate in Cape Verde is expected to total 6.5 percent this year and to be lower in 2009, according to projections from the Bank of Cape Verde (BCV), cited by Cape Verdean news agency Iforpress.

Previous projections pointed to a rate of inflation of 6 percent for 2008 and for 2009 the State Budget projects inflation of 3 or 4 percent.

The governor of the BCV, Carlos Burgo, explained the projected reduction of inflation in 2009 by pointing to a fall in oil prices and grains on the international market and prospects of a good agricultural year in the country.

In September inflation in Cape Verde stood at 6.2 percent, a rise of 0.1 percentage points against the previous month, according to figures from Cape Verde’s National Statistics Institute (INE). (macauhub)