Traders in the markets of the Abyei Administrative area are saying that the depreciation of the South Sudanese currency (the Pound) against the US Dollar has caused price hike of food and fuel commodities in local markets.
Abdu Abaker, a trader at Nyinkuac market said bags of sugar weighing 50 kg and 10 kg are sold at 75,000 SSP and 15,000 SSP respectively, a bag of onion previously sold at 30,000 SSP now costs 45,000 SSP, while a 25 kg bag of wheat flour costs 25,000 SSP instead of 20,000 SSP weeks before the new price hikes.
Another businessman in Mulmul market said the price of a liter of petrol has risen to 2,125 SSP from 1,562.5 SSP whereas the cost of a liter of diesel rose from 1000 SSP to 1,875 SSP.
One dollar is old at the parallel market is worth 970 SSP while the central bank rate is 930 SSP for one dollar.
According to sources, the central bank blamed the pound’s weakness on the war in neighboring Sudan and the hike of rate interest by the American Federal Reserve Bank.
South Sudan auctions millions of dollars on a weekly basis in as temporary intervention to avoid soaring of prices in the market.