Current Date:

Thursday, 22 March 2018

Echo: Rise of Inflation Rate

According to the report of the Central Bureau of Statistics, the inflation rate in December 2017 rose by 25.15% compared to 24.76% in November, registering an increase of 1.58%.
The report indicated that the 12 commodity and service groups contributed to the inflation rate in varying percentages.
Price of the US dollar has witnessed a sharp increase on the black-market in Khartoum in the recent months settling at SDG32.
The continuation of the Sudanese pounds deterioration has affected trade movements and raises fear amid businessmen besides it threatening the economical situation.
Unfortunately the economic development sector in the government deals with the issues carelessly as there are no new policies or practical steps that give a glimpse of hope towards overcoming this critical situation.
The economic scene has further complicated the recession in the markets.
Since the announcement of the new budget a new wave of price hikes hit the market especially in sugar and cooking oil.
It is high time for the economic development sector ministers to come out of their offices and tour the markets to see on the ground the recession and the decline of purchasing power.
The situation cannot be confronted by administrative procedures which can be counterproductive.
What are required now is adapting flexible policies, besides reaching a political settlement that stops the wars and polarization.
It goes without saying that politics and the economy are two sides of the same coin, so the national consensus will open a tunnel of hope towards economic stability.
Economic reform requires prompt and serious political steps that will achieve political breakthrough and a settlement that returns hope for the possibility of avoiding grim scenarios.