South Sudan Inflation Ranked Sixth Highest in Africa
Jan 12, 2017(Nyamilepedia) —– Latest reports by the Global Economic Research group, Trading Economics and the African Audit Group, KPMG Africa, indicate that South Sudan’s hyperinflation, which skyrocketed at 835.7% in October 2016, has declined to less than 500% and now stands as the sixth highest inflation in Africa.
The audit group, Trade Economics and the KPMG Africa, concludes that South Sudan’s hyperinflation experience comes sixth behind the episodes in the DR Congo, Angola and Zimbabwe which also led with the highest percentage in 2008 index.
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In their joint reports, the Trade Economics and the KPMG Africa groups stated that the hyperinflation in South Sudan reached 835.7% by October last year, before falling to 457.2% a month later.
They say this is still the world’s highest hyperinflation figure ever recorded putting South Sudan on one of the worst inflation records in history.
The two groups say the scenario in South Sudan is similar to an episode in the DR Congo, back when it was called Zaire in 1998, a period when the DRC just came out of a brutal war that ended two years earlier.
They describe the episode as short-lived and limited in magnitude compared to the one that occurred in Zimbabwe in 2008.
The Trade Economics and the KPMG Africa say before South Sudan’s case, Africa experienced five episodes of hyperinflation in Angola during 1994 to 1997, and in the DR Congo 1991-1992, 1993-1994, and 1998
The most recent scenario is Zimbabwe, which occurred from 2007 to 2008.
They say, globally, 56 verifiable episodes of hyperinflation over the past century were recorded.
When contacted on the report, the Presidential Advisor on Economic Affairs, Aggrey Tisa Sabuni declined to comment and referred us to the Ministry of Finance, which also had no detailed records on the current and past rates.
South Sudan under President Salva Kiir has been ranked as the fragile, one of the most corrupt with the capital,Juba, being ranked among the most expensive cities in the world.
Coupled with hyperinflation, South Sudanese money, which were traded at 3.29 SSP against 1 US Dollar in 2014 are now traded at nearly 100 SSP against 1 US dollar.