South Sudan inflation declined to 24% in February

March 24, 2012 (JUBA) – Inflation in South Sudan fell to 24% last month, compared to 35% in January, while food prices increased by 15% over a one-year period, the country’s National Bureau of Statistics (NBS) said.

Its latest report shows the decline in inflation necessitated a 185% rise in prices for alcoholic beverages and tobacco over the same period as that of food and non-alcoholic beverages.

According to the statistical body, the annual consumer inflation is the percentage change in the Consumer Price Index (CPI), determined on an annual basis.

David Chan, the director of economic statistics at NBS, said the figures released are usually subject to volatility and should be cautiously used due to the increasing numbers of seasonal products entering and exiting the markets.

Meanwhile, the monthly CPI decreased by 11% between January and February this year, while prices for food and non-alcoholic beverages, as well as alcoholic beverages decreased by 16%, 18.1% and 6.9% respectively.

“The decrease in the price of food and non-alcoholic beverages was mainly caused by lower fruit prices,” the 8 March report said.

The young nation’s economy suffered a setback after the country’s shut down of oil output a year ago, accusing Khartoum of stealing its crude amid a furious row over transit fees to pump its oil to export markets via Sudanese pipelines.

Revenues from oil previously accounted for over 98% of South Sudan’s annual budget.

This week, however, the two sides signed a deal to resume oil production, ending the long-running deadlock. Both countries have ordered their respective oil companies to prepare for the restart of production.

(ST).