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News and Press ReleasesSudan's inflation rate rises to 63.86 pct in June

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Sudan's inflation rate rises to 63.86 pct in June

07-19-2018, 11:25 PM
Xinhua News Agency
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Sudan's inflation rate rises to 63.86 pct in June

    11:25 PM July, 19 2018

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    KHARTOUM, July 19 (Xinhua) -- The inflation rate in Sudan rose to 63.86 percent in June, up from 60.93 percent in May, said Sudan's Central Statistics Bureau Thursday.

    The bureau attributed the rise to the the decrease in the price index in June, the hikes in prices of clothes and shoes due to Eid al-Fitr, and rise in the prices of school items due to the beginning of the new school year.

    Sudan is currently witnessing an unprecedented price hike due to devaluation of the national currency, as one dollar now equals 42 Sudanese pounds in the parallel market.

    Sudan has been undergoing a dire economic crisis since the secession of South Sudan in 2011, due to which Sudan lost 75 percent of its oil revenues.

    On Dec. 19 last year, the Sudanese cabinet approved the budget for 2018, including new measures for cutting government spending, stopping construction of government buildings, and barring payment of any incentives or rewards without a prior approval from the Ministry of Finance.

    The budget aims to stimulate the country's GDP growth to reach 4 percent and bring inflation down to 19.5 percent.
                  

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