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Angola's consumer prices rise by 29.23 pct in 12 months

Xinhua, June 15, 2016 Adjust font size:

The consumer price index rose by 29.23 percent during the past 12 months ending on May 31, 2016 with the highest price hikes occurring in the sectors of tobacco and alcoholic drinks, the National Statistics Bureau said Tuesday.

The consumer price index rose by 3.46 percent in May over April in 2016, according to a report from the bureau.

In May 2016, the prices of food and drinks rose by 4.49 percent, alcoholic drinks and tobacco rose by 4.72 percent over the previous month, the report said.

Angola's state budget put the inflation rate at 11 percent for the year 2016, and most analysts believed the target could hardly be met unless the international oil prices rise drastically in the second half of 2016.

Currently Angola produces some 1.7 million barrels of crude oil a day and rivals Nigeria as the largest oil producer in Africa, and the Angolan government is taking efforts to diversify the oil-dependent national economy. Endit