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Angola's annual and monthly inflation rates continue decelerating, dropping to 16.68% y/y in Oct ’22 – a decrease of 1.48 percentage points from Sep ‘22. This is the lowest recorded annual inflation rate since Mar ’15, but we expect this to continue slowing. Of the 12 consumption categories, 11 recorded slower y/y deflation in Oct compared to Sep ’22 (with education as the exception).