Macroeconomic Forecast Angola

According to Angola's National Statistics Institute (INE), consumer price growth was recorded at 13.8% y-o-y in March, up from 13.7% in February. This translates into sequential price growth of 1.05% m-o-m, with food and beverage costs being the most important drivers. Our forecast average annual inflation (12.0%) is slightly below the government's (13.0%) though we would highlight that the unusual stability of officially reported prices (which have remained between 13.0% and 14.0% for the past 18 months) makes the indicator somewhat suspect as a gauge of the underlying pressures affecting the cost of goods.

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