BREAKING NEWS

S. Sudan inflation doubles to 41% on soaring food prices

By REUTERS

DECEMBER 10, 2012 17:26

JUBA - Inflation in import-dependant South Sudan shot up to 41 percent in November from 21.5 percent in October, increasing the urgency of sealing a peace deal to get its oil exports flowing again.

South Sudan won independence from Sudan in July 2011 after one of Africa's longest civil wars, but a dispute between the two shut down the South's oil industry in January, which usually makes up 98 percent of its state income.

One of the world's least developed nations, South Sudan needs to import almost everything. A top official said in August the central bank had currency reserves worth $300 million but diplomats question how long the country can hold out without oil revenues.

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