The Portuguese Investment Bank (BPI) said the consumer price index in Angola could register 14 percent expansion this year following the depreciation of the African nation’s currency, Portuguese news agency Lusa reported on Sunday.

The private sector bank said in a note to investors: “According to our estimates, the inflation rate [of Angola] could accelerate in the coming months due to the effects concerning the devaluation of the national currency as well as the introduction of a new tax on consumption.”

Angola’s central bank has devalued the national currency by 30 percent in stages since the beginning of this year: to counter the global fall in oil prices, and in response to decrease in Angola’s earnings of foreign currency, the note said.

Angola’s expected inflation hike would reverse cooling a trend seen for several years. The country’s annual inflation was below 7 percent in 2014, the bank stated.

“Despite considerable diversification efforts, the Angolan economy remains vulnerable to the developments in the oil sector,” it said, adding that any sustained low in oil prices could be “a major downside risk” for the African country.