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    <title>Business Recorder - Markets - Commodities</title>
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    <language>en-Us</language>
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    <pubDate>Thu, 13 Aug 2026 23:09:42 +0500</pubDate>
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      <title>Angola's high prices hard to bear</title>
      <link>https://www.brecorder.com/news/4203/angolas-high-prices-hard-to-bear</link>
      <description>&lt;p class="MsoPlainText"&gt;&lt;img style="margin-bottom: 10px; margin-right: 10px; float: left;" src="https://i.brecorder.com/images/stories/ANGOLA.2.jpg" width="400" height="300" /&gt;LUANDA&lt;span style="font-size: 10pt;"&gt;: Oil revenues have made &lt;/span&gt;Angola&lt;span style="font-size: 10pt;"&gt; one of the fastest-growing economies in &lt;/span&gt;Africa&lt;span style="font-size: 10pt;"&gt;, but the high cost of living that has come with the boom makes life difficult for many in the war-weary country.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Angola&lt;span style="font-size: 10pt;"&gt; vies with &lt;/span&gt;Nigeria&lt;span style="font-size: 10pt;"&gt; for the title of &lt;/span&gt;Africa&lt;span style="font-size: 10pt;"&gt;'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.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;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 &lt;/span&gt;Europe&lt;span style="font-size: 10pt;"&gt;, &lt;/span&gt;China&lt;span style="font-size: 10pt;"&gt; and &lt;/span&gt;South America&lt;span style="font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;Oil wealth has combined with an influx of foreign currency and congestion at the overwhelmed port in the capital, &lt;/span&gt;Luanda&lt;span style="font-size: 10pt;"&gt;, to send prices soaring. The inflation rate was 14.5 percent in 2010.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;Astronomical prices in the local kwanza greet customers every time they visit shops. Commuters are sometimes forced to jog to work when &lt;/span&gt;Luanda&lt;span style="font-size: 10pt;"&gt;'s ramshackle public mini-bus taxis suddenly increase fares.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;Rising fuel costs since a reduction in subsidies are often blamed for the galloping prices. &lt;/span&gt;Angola&lt;span style="font-size: 10pt;"&gt; pumps 1.9 million barrels of oil a day but imports 50 percent of its refined fuel, making the finished product expensive despite the country's large output of crude.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;About 86 percent of &lt;/span&gt;Angola&lt;span style="font-size: 10pt;"&gt;'s urban population lives in slums, with only intermittent water and electricity. In &lt;/span&gt;Luanda&lt;span style="font-size: 10pt;"&gt;, luxury ocean-side villas where expatriates and rich locals live tell a tale of a city battling with a gaping wealth divide.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;Oil has attracted an influx of foreign companies that bring with them their own staff who live on high salaries and allowances.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;But the pinch of high prices is also felt by top-earning expatriates.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Luanda&lt;span style="font-size: 10pt;"&gt; was ranked the most expensive city in the world for expatriates in a 2010 study by the Mercer consulting firm, ahead of &lt;/span&gt;Paris&lt;span style="font-size: 10pt;"&gt;, &lt;/span&gt;London&lt;span style="font-size: 10pt;"&gt; and &lt;/span&gt;Tokyo&lt;span style="font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;Nadine, a Lebanese Expat who lives in Alvalade, an affluent suburb on the outskirts of the city, pays $10,000 (7,300 euros) a month to rent a three-bedroom house.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;She says she spends about $5,000 a month on groceries to feed her family of four, not including eating out.&lt;/span&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;br /&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p&gt;&lt;center&gt;&lt;b&gt;&lt;i&gt;Copyright AFP (Agence France-Presse), 2011&lt;/i&gt;&lt;/b&gt;&lt;i&gt; &lt;br /&gt;&lt;/i&gt;&lt;/center&gt;&lt;/p&gt;
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      <content:encoded xmlns="http://purl.org/rss/1.0/modules/content/"><![CDATA[<p class="MsoPlainText"><img style="margin-bottom: 10px; margin-right: 10px; float: left;" src="https://i.brecorder.com/images/stories/ANGOLA.2.jpg" width="400" height="300" />LUANDA<span style="font-size: 10pt;">: Oil revenues have made </span>Angola<span style="font-size: 10pt;"> one of the fastest-growing economies in </span>Africa<span style="font-size: 10pt;">, but the high cost of living that has come with the boom makes life difficult for many in the war-weary country.</span></p>
<p class="MsoPlainText">Angola<span style="font-size: 10pt;"> vies with </span>Nigeria<span style="font-size: 10pt;"> for the title of </span>Africa<span style="font-size: 10pt;">'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.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;">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 </span>Europe<span style="font-size: 10pt;">, </span>China<span style="font-size: 10pt;"> and </span>South America<span style="font-size: 10pt;">.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;">Oil wealth has combined with an influx of foreign currency and congestion at the overwhelmed port in the capital, </span>Luanda<span style="font-size: 10pt;">, to send prices soaring. The inflation rate was 14.5 percent in 2010.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;">Astronomical prices in the local kwanza greet customers every time they visit shops. Commuters are sometimes forced to jog to work when </span>Luanda<span style="font-size: 10pt;">'s ramshackle public mini-bus taxis suddenly increase fares.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;">Rising fuel costs since a reduction in subsidies are often blamed for the galloping prices. </span>Angola<span style="font-size: 10pt;"> pumps 1.9 million barrels of oil a day but imports 50 percent of its refined fuel, making the finished product expensive despite the country's large output of crude.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;">About 86 percent of </span>Angola<span style="font-size: 10pt;">'s urban population lives in slums, with only intermittent water and electricity. In </span>Luanda<span style="font-size: 10pt;">, luxury ocean-side villas where expatriates and rich locals live tell a tale of a city battling with a gaping wealth divide.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;">Oil has attracted an influx of foreign companies that bring with them their own staff who live on high salaries and allowances.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;">But the pinch of high prices is also felt by top-earning expatriates.</span></p>
<p class="MsoPlainText">Luanda<span style="font-size: 10pt;"> was ranked the most expensive city in the world for expatriates in a 2010 study by the Mercer consulting firm, ahead of </span>Paris<span style="font-size: 10pt;">, </span>London<span style="font-size: 10pt;"> and </span>Tokyo<span style="font-size: 10pt;">.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;">Nadine, a Lebanese Expat who lives in Alvalade, an affluent suburb on the outskirts of the city, pays $10,000 (7,300 euros) a month to rent a three-bedroom house.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;">She says she spends about $5,000 a month on groceries to feed her family of four, not including eating out.</span></p>
<p class="MsoPlainText"><span style="font-size: 10pt;"><br /></span></p>
<p><center><b><i>Copyright AFP (Agence France-Presse), 2011</i></b><i> <br /></i></center></p>
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      <category>Markets</category>
      <guid>https://www.brecorder.com/news/4203</guid>
      <pubDate>Wed, 23 Feb 2011 08:44:45 +0500</pubDate>
      <author>none@none.com (Muhammad Iqbal)</author>
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