The products that most contributed to this increase were frozen horse mackerel, wheat flour, frozen cachucho, beef and soda
The Wholesale Price Index (IPG) continues to show a growth trend, reaching a monthly variation of 2.97% in the period from January to February 2024, according to data released by the National Statistics Institute (INE). This rate is 0.05 percentage points higher than that recorded in the previous period and 1.79 percentage points higher compared to the same month of the previous year, which indicates a continuous rise in prices.
The year-on-year variation for February 2024 is 29.94%, representing an increase of 13.64 percentage points compared to the same period last year. This upward trend is a concern for the country’s economy, since global inflation in February this year was 2.97%. During the month of February this year, prices of national products increased by 2.84% compared to the previous month, with emphasis on manufacturing industries, which recorded the biggest price increase with 2.89%.
The products that most contributed to this variation were frozen horse mackerel, wheat flour, frozen cachucho, beef, soda, among others. On the other hand, the prices of imported products also registered an increase of 3.01% in relation to the previous month, influenced by the price variation seen once more in the manufacturing industries with 3.02%.
In this case, products such as white needle rice, cane sugar, pork, beef, pasta, among others, stand out. Global inflation in February 2024 was 2.97%, with imported products being the main responsible for this trend, contributing 2.21 percentage points, while national products represented 0.76 percentage points.
Prices reach 2.58% Also according to INE, inflation relating to the national consumer rose 2.58% in monthly terms, that is, from January to February this year, according to the quick information sheet. Comparing monthly variations (January to February 2024), the data point to an acceleration of 0.09 percentage points, while, in year-on-year terms (February 2023 to February 2024), there was an acceleration in the current variation of 1 .72 percentage points. According to statistical data, the provinces that registered the greatest variation in prices were Luanda with 3.45%, Cabinda with 2.20% and Huíla with 2.09%, and the provinces that registered the lowest variation in prices were Moxico with 1. 58%, Lunda Norte with 1.65% and Bié with 1.71%.
The food and non-alcoholic drinks category registered the biggest price increase, with a variation of 3.12%. Also noteworthy are the price increases seen in the health classes with 3.06%, miscellaneous goods and services with 2.89% and clothing and footwear with 2.71%. According to INE, inflation in Angola continues to increase, reaching the highest level in almost two years, with an increase of 24.07%. This is the tenth consecutive time that inflation has increased, signaling a worrying trend for the country’s economy. Since September 2018, when the monthly variation reached 2.69%, the fluctuation has not been so intense, especially in the province of Luanda, where prices increased by 3.45% compared to January.
This upward trend in prices has significant impacts on consumers and families, increasing the cost of living and reducing the population’s purchasing power. The year-on-year variation of 24.07% represents an increase of 12.53 percentage points compared to February 2023, with the food and non-alcoholic beverages category contributing the most to this increase. This continuous increase in inflation represents a significant challenge for Angolan economic authorities, who need to implement effective measures to control escalating prices and protect citizens’ purchasing power.
BY: Francisca Parente
