South Sudan monitoring commodity prices to curb fake inflation

JUBA – South Sudan’s minister of trade and industry, Joseph Moum Majak, assured the public on Tuesday that the government is closely monitoring the prices of basic commodities to prevent fake inflation and protect consumers.

Speaking at a press conference in Juba, Majak announced the formation of a government panel tasked with regularly tracking the prices and availability of essential goods.

“We will implement a robust monitoring system to track the prices of essential commodities and ensure that they remain fair and stable. Our goal is to prevent fake price inflation and protect consumers,” said Majak.

He also emphasized efforts to import more essential food items to help stabilize the market.

“We are actively collaborating with the Ministry of Finance to expedite the issuance of a letter of credit facility for food imports. This will ensure that essential food items are imported efficiently and reach our markets promptly,” Majak added.

In a bid to enhance local production, Majak revealed that the Ministry of Trade and Industry is working closely with the Ministry of Agriculture and Food Security to support farmers and increase domestic food production.

“We recognize the importance of local agriculture in achieving food security. Our ministry will work closely with local farmers and the Ministry of Agriculture and Food Security to enhance production capabilities and support initiatives that promote local sourcing,” he said.

Majak stressed the need to boost local production to increase consumption of homegrown food, while also pledging a public awareness campaign about the measures being taken.

“We will launch a campaign to inform the public about the actions we’re taking and the resources available to them. Engaging communities in discussions about food security will be vital to fostering collective action,” he noted.

State to Back Letters of Credit for Essential Imports

Majak also announced that companies importing essential food commodities into South Sudan will now be supported by Letters of Credit (LCs), which will enable traders to access hard currency for imports.

“We are actively collaborating with the Ministry of Finance to expedite the issuance of Letters of Credit to facilitate food imports,” he said.

“This move will ensure that essential food items are imported efficiently and reach markets promptly,” he added.

Majak reiterated the government’s commitment to ensuring a steady supply of affordable essential food items across the country.

“As we navigate this challenging time, our priority is to guarantee that all citizens have access to affordable and vital food products,” he said.

He also acknowledged the hardships faced by many households due to food shortages.

“We are aware of the challenges many households are facing due to food shortages, and we want to assure you that the government is determined to address these issues head-on,” Majak concluded.