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Sudan Inflation Slows in Feb to 258.40%

A man waits to buy food at a market in Khartoum. REUTERS/Mohamed Nureldin Abdallah
A man waits to buy food at a market in Khartoum. REUTERS/Mohamed Nureldin Abdallah
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Sudan Inflation Slows in Feb to 258.40%

A man waits to buy food at a market in Khartoum. REUTERS/Mohamed Nureldin Abdallah
A man waits to buy food at a market in Khartoum. REUTERS/Mohamed Nureldin Abdallah

Sudan’s annual inflation slowed to 258.40% in February, from 259.8% in January, the statistics bureau said on Tuesday.

The Central Bureau of Statistics attributed the continued rise in prices to the price surge witnessed in February 2021.

The bureau said in a press statement that the monthly inflation rate of the general index of consumer and service prices recorded 14.39% during February 2022, compared to an average of 2.06% in January 2022.

The transportation group recorded the highest contribution rate to the monthly inflation rate, amounting to 87.13%, due to the rise in fuel prices.

The food and beverage group came next at 4%, followed by the total of household fixtures and equipment and routine maintenance work at 3.07%, due to the rise in the prices of cement and other household maintenance equipment.

The rate pf housing, water, electricity, gas, and other types of fuel group recorded 1.84%, due to a rise in electricity tariff and gas prices, in addition to a group of various goods and services at 1.26%.

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Rosneft: OPEC+ Decision to Speed Up Output Increase Justified

FILE PHOTO: Chief Executive of the oil producer Rosneft Igor Sechin attends a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov/File Photo
FILE PHOTO: Chief Executive of the oil producer Rosneft Igor Sechin attends a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov/File Photo
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Rosneft: OPEC+ Decision to Speed Up Output Increase Justified

FILE PHOTO: Chief Executive of the oil producer Rosneft Igor Sechin attends a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov/File Photo
FILE PHOTO: Chief Executive of the oil producer Rosneft Igor Sechin attends a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov/File Photo

Head of Russia's largest oil producer Rosneft Igor Sechin said on Saturday that the decision by the OPEC+ to speed up output increase now looked far-sighted and justified in the light of the confrontation between Israel and Iran.

OPEC+ crude output represents about 41% of global oil production. The group's main objective is to regulate the supply of oil to the global market.

The Organization of the Petroleum Exporting Countries and its allies, led by Russia, in April agreed a bigger-than-expected output hike for May.

OPEC+ has since decided to continue with more than planned hikes.

"The decision taken by OPEC leaders to forcefully increase production looks very far-sighted today and, from the market's point of view, justified, taking into account the interests of consumers in light of the uncertainty regarding the scale of the Iran-Israel conflict," Sechin said.

Besides the 2.2 million bpd cut that the eight members started to unwind in April, OPEC+ has two other layers of cuts that are expected to remain in place until the end of 2026.

Oil prices had initially fallen in response to the OPEC+ decision to increase oil production, but the outbreak of an aerial war between Israel and Iran has so far been the main factor behind their return to around $75 per barrel, levels unseen since the start of the year.

Speaking at the St. Petersburg International Economic Forum, Sechin, a long-standing ally of Russian President Vladimir Putin, also said there will be no oil glut long-term despite the production rise due to low stockpile levels, though rising usage of electric vehicles in China might hit oil demand.

Putin said on Friday he shared OPEC's assessment that demand for oil will remain high. He also said that oil prices had not risen significantly due to the conflict between Iran and Israel, and that there was no need for OPEC+ to intervene in oil markets.