(Bloomberg) -- Angola Central Bank Governor Manuel Tiago Dias said there are “positive signs” in price behavior in the country’s economy, which signals improved prospects for controlling inflation.
“There’s a clear inflection point in the inflation curve; the slowdown in inflation is real,” Tiago Dias said in interview on Radio Luanda Antena Comercial Wednesday.
In July, Angola’s national consumer prices rose 31.09% year-on-year, up from 31% in June. Luanda’s CPI increased by 42.19% year-on-year, down from 42.82% in June, according to statistic office.
The Central Bank targets 23.4% inflation this year, while it aims to reach single digits by 2027.
The Bank will use a range of monetary policy tools to mitigate the impacts of expected increases in telecommunications and education costs which were announced by Ministry of Finance, Dias said.
Additionally, the Bank’s international reserves ended July at $14.7 billion, covering about 7.4 months of imports. Commercial lenders bought $800 million per month through July from oil and diamond firms, including $200 million from the Treasury, Dias said.
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