November 22, 2018 / 10:40 AM / 7 months ago

UPDATE 1-Sudan inflation eases slightly in Oct to 68.44 pct - stats agency

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KHARTOUM, Nov 22 (Reuters) - Sudan’s annual inflation eased slightly to 68.44 percent in October from 68.64 percent in September, due to lower food and drink prices, the state statistics agency said on Thursday.

Inflation jumped to more than 50 percent in January, from 25.15 percent in December, when subsidy cuts triggered food price increases that kindled unrest. Since then inflation has continued to accelerate despite attempts to slow price rises with strict limits on cash withdrawals.

Sudan’s economy was hit hard when the south of the country seceded in 2011, losing three-quarters of its oil output, a crucial source of foreign currency.

Sudan sharply devalued its own currency in October after the government tasked a body of banks and money changers with setting the exchange rate on a daily basis.

The new system was part of a package of measures aimed at tackling an economic crisis and an acute shortage of foreign currency. (Reporting by Khalid Abdelaziz; writing by Lena Masri; editing by Gareth Jones and Kirsten Donovan)

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