Khartoum — The Ministry of Finance of Sudan has announced that the inflation rate has recorded a sharp rise by 54 per cent in the first quarter of this year, compared to 33 per cent of the same period in 2017. The Ministry also acknowledged a number of challenges, notably the exchange rate policy and the government subsidies for fuel and medicine.
The report, presented by the Minister of Finance and Economic Planning Majdi Hasan Yasin on Thursday, under the chairmanship of First Vice President and Prime Minister Bakri Hasan Saleh, said that the growth rate of GDP according to actual performance is estimated at four per cent compared to 4.4 for 2017.
He pointed out that the trade deficit has dropped to $ 934 million from $ 947 million for the same period last year.
He attributed the rise in inflation to the widening in the gap between the indicative US Dollar rate quoted by the Central Bank of Sudan and the price on the parallel market, as well as rising import costs.
Sudan's inflation rate hit a record 57.6 per cent in April, compared with 55.6 per cent in March. The inflation has a worsening effect on wages, unemployment, poverty and food and health conditions, as prices for basic goods in Sudan continue to rise.