Angola’s inflation rate dropped below 20% in August for the first time in more than two years, as consumer prices hit 19.78%. That’s down from 26.09% in the same month a year ago, and the lowest level since March 2020.
On a monthly basis, consumer prices rose by 0.8%, the lowest monthly increase since April of 2015. Prices stagnated for education (vs 3.5% in July) and slowed for furnishings and household maintenance (1% vs 1.1%), while prices rose at a constant rate for food and non-alcoholic beverages (at 0.6%)
The country’s central bank forecasts inflation will slow to below 18% by the end of the year. Policy makers kept the benchmark rate at 20% for a sixth straight meeting in July.
In August, Angola toppled Nigeria as Africa’s largest crude producer for the first time in more than five years.
Angola’s average daily output in August of 1.17 million barrels was more than Nigeria’s at 1.13 million barrels. The last time that happened was in April 2017, when both nations were pumping about 500,000 barrels a day more.
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