Inflation came in at 15.2% in November, which was down from October’s 16.7%. November’s result marked the lowest inflation rate since January 2016. Elevated oil prices over the previous months have strengthened the kwanza relative to the previous year, which helped reduce imported inflation. Additionally, food and fuel subsidies kept a lid on domestic price pressures.
Meanwhile, the trend pointed down as annual average inflation cooled to 22.8% in November from 23.5% in October.
Lastly, consumer prices increased 0.82% over the previous month in November, accelerating from the 0.78% increase logged in October.
FocusEconomics panelists expect inflation to average 13.2% in 2023, which is down 0.3 percentage points from last month’s projection, and 11.6% in 2024.