Year-on-year inflation in Luanda, Angola, less than 10 pct in August

21 September 2012

Year-on-year inflation in Luanda, Angola totalled 9.87 percent in August of this year, and is the first time in 20 years that inflation has stood at a single figure, according to weekly newspaper Expansão citing figures from the country’s National Statistics Institute (INE).

Also according to INE, year-on-year inflation in July totalled 10.02 percent.

Although there are still four months of inflation figures remaining until the end of the year, the governor of the National Bank of Angola, José de Lima Massano, said recently that inflation would stand at less than 10 percent, given that November and December are months in which consumption is traditionally higher due to the Christmas period, which puts pressure on prices in the country in general and in Luanda in particular.

The inflation target set by the government for this year is 10 percent without specifying if this is the average or year-on-year rate.

In August, average inflation in Luanda totalled 10.9 percent and had been falling for 13 months in a row, after reaching a peak of 15 percent in July 2011.

The year-on-year rate, in its turn, has been falling practically since October, when it reached a peak of 16.1 percent.

The newspaper noted that 2012 could be the second consecutive year in which the government’s inflation target is met, after posting price rises of 11.4 percent in 2011 as compared to a target of 12 percent. (macauhub)