August 10, 2018 (KHARTOUM) – Sudan’s inflation rate has risen to 63,94% in July compared to 63, in June, reported the Central Bureau of Statistics (CBoS).
- Fruit-seller in the Sudanese capital, Khartoum (Reuters)
In its monthly bulletin issued on Thursday, the CBoS attributed the rise in inflation rate to the continued increase in the price of food and beverages group.
Economic conditions in Sudan have been challenging since the secession of South Sudan in 2011 and the loss of the bulk of oil production and exports.
The withdrawal of South Sudan oil has compounded the difficult external environment, including debt arrears, limited access to external financing, U.S. sanctions, and the withdrawal of correspondent bank relations.
It is noteworthy that the director of the Troubled Currencies Programme at Johns Hopkins University Steve Hanke said Sudan’s annual inflation rate measured for 6/13/18, was 111%.
The government seeks to achieve an average inflation rate of 19,5% by the end of the 2018 fiscal year compared to 34,1% in 2017.
The high inflation rate and general increase in price levels coincides with a significant rise in the U.S. dollar price against the Sudanese pound.
Last week, the dollar price hit an all-time high on the black market as the Sudanese pound (SDG) declined to 47,00 per dollar.
Also, the purchase price of the U.S. dollar that is being transferred into accounts abroad particularly in Dubai reached 50 Sudanese pounds.