The annual inflation rate in Sudan jumped by 330.78 percent in February, compared to 304.33 percent in the previous January.
According to the Central Bureau of Statistics (governmental), the monthly inflation rate increased by 26.45 percent compared to the previous month.
The rise in consumer prices was driven by an increase in all components of the food and beverage group by 266.99 percent year on year, compared to 248.27 percent in January.
Last October, the transitional government announced the implementation of the lifting of fuel subsidies (gasoline, diesel) and their entry into force, as part of the modified budgetary procedures that Sudan authorized last August.
In the 2021 budget, the Sudanese government targets inflation rates in the range of 95 percent. Consumer prices are expected to accelerate this month, with the Central Bank of Sudan implementing a partial float in the exchange rate of the pound to 375 against the dollar, compared to 55 previously.
The indicators of the first weeks of the decision taken last month show that the gap between the official and parallel markets has narrowed, amid expectations that the latter will disappear if the central bank succeeds in providing the market’s need of the dollar. Sudan is witnessing rapid and interconnected developments within the governance crisis, since April 2019, under the heaviness of popular protests that began in late 2018, denouncing the deteriorating economic conditions.
Source (Anatolia Agency, Edited)
