Economy, News

S Sudan inflation ranked 6th in Africa

An international audit group says the current inflation in South Sudan is the sixth in Africa.

This is according to the global economic research group, Trading Economics and the African audit group KPMG Africa.

The audit group, Trade Economics and the KPMG Africa, say South Sudan’s hyperinflation experience comes sixth behind the episodes in the DR Congo, Angola and Zimbabwe, which led with the highest percentage in 2008.

In a report, 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.

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.

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 to1997, and in the DR Congo 1991-1992, 1993-1994, and 1998

The most recently is Zimbabwe, from 2007 to 2008.

They say, globally, 56 verifiable episodes of hyperinflation over the past century.

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.

Officials at the ministry could not be reached immediately.