Angola’s high prices hard to bear

AFP

LUANDA — Oil revenues have made Angola one of the fastest-growing economies in Africa, but the high cost of living that has come with the boom makes life difficult for many in the war-weary country.

Angola vies with Nigeria for the title of Africa’s largest producer of crude. Oil money has driven an economic boom that saw GDP grow an average 11.2 percent a year in the decade to 2008.

But the country was left with next to no industry after its 27-year civil war ended in 2002, forcing it to import most of its consumer goods from Europe, China and South America.

Oil wealth has combined with an influx of foreign currency and congestion at the overwhelmed port in the capital, Luanda, to send prices soaring. The inflation rate was 14.5 percent in 2010. More………..

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