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FINANCIAL NEWS
Sudan annual inflation jumps to 37% in June
11 Jul 2012
(MENAFN) Soaring basic food and transport costs in Sudan caused its annual inflation to jump to 37.2 percent in June from 30.4 percent in the previous month, Reuters reported.
According to Central Statistics Office data, the prices of sugar, jam, honey, chocolate and other sweets rose by 12.5 percent in June compared to May, while prices of meat rose by 11.9 percent, and the prices of vegetables went up by 11.1 percent.
The official data also showed that Sudan’s inflation stood at 9.7 percent in June month-on-month. Inflation stood at 15 percent in June 2011.
Sudan lost three-quarters of its oil output when South Sudan became independent a year ago. Oil revenues were the main source of state income and dollar inflows, needed to pay for imports as Sudan produces little on its own.
The central bank also devalued the Sudanese pound to bridge the gap with the black market rate and make exports such as agricultural products cheaper.
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