LONDON: Angola’s inflation in March rose to 23.6% year-on-year from 20.3% in February. This comes on the back of rising healthcare, food and drink prices, the country’s bureau of statistics said on Wednesday. Month-on-month, prices rose 3.4 percent in March, up from 3.3 percent.
Africa’s second largest oil producer recently requested for a bailout from the International Monetary Fund (IMF) to help the country cope with persistently low crude prices. Analysts say economic growth in the country slowed to 3.5 % last year from 6.8% in 2013.
Additionally, the Kwanza has slid almost 18% to the dollar this year, prompting heavy government borrowing. Angola’s finance ministry has reiterated that it is committed to reforms and diversifying the economy away from its dependence on oil, which in 2015 accounted for more than 95 per cent of export earnings and 52 per cent of government revenues.
