Food prices in Jordan decreased by 2.5% in December: world Bank

[05-02-2023 12:51 PM]

Ammon News - A report by the World Bank said that food prices in Jordan decreased by 2.5% during December, to reach 0.6%, compared to 3.1% in November, at a time when a local food price inflation is still high in various parts of the world.

According to the bank’s statistical data, food prices in Jordan, which imports food worth $4 billion annually, reached the highest rate last May at 5.8%, then fell to 4.1% in June, 3.9% in July, and then to 3% in August, before rising again to 3.2% last September, and 3.5% last October.

4.23% inflation in the past year

The World Bank indicated, in other statistical data, that inflation in Jordan reached its highest level in 4 years last August at 5.4% on an annual basis, before it stabilized relatively in September 2022, and according to the same data, housing and utilities prices accelerated to 9.4% on an annual basis last September, from 9.2% on an annual basis in August, and transportation remained stable at 6.9% on an annual basis.

The Department of Statistics (DoS) issued a report, in which it indicated that the general consumer price index (inflation) in Jordan for the past year amounted to 106.79 compared to 102.46 for the year 2021, recording an increase of 4.23%, due to the increase in the prices of group commodities whose relative importance is 91.30%.

During the past month, the general consumer price index (inflation) reached 108.05, compared to 103.54 for the same month of December 2021, registering an increase of 4.36%.

The World Bank indicated that, within the framework of a comprehensive global response to the existing food security crisis, it signed a $125 million project with Jordan for a project to support the development of the agricultural sector by enhancing its resilience to climate change, increasing competitiveness and inclusiveness, and ensuring food security in the medium to long term.

Agriculture and grain prices

The agricultural and grain price indices closed at 1% and 2% respectively from their levels two weeks ago, while the exports index closed at the same level.

Corn and rice prices, which closed 3% and 4% higher respectively, pushed up the cereal index, while wheat prices were down 1% from two weeks ago.

Fertilizer prices have fallen from their peak in early 2022 but remain at historically high levels.

The FAO Food Price Index, a measure of the monthly change in international prices for a basket of food commodities, fell for the 9th month in a row, according to the FAO in a press release issued in January 2023.

It averaged 132.4 points in December 2022, down 2.6 points from November and 1.3 points from December 2022.

For the whole 2022, the index averaged 143.7 points, up from 2021 by up to 18 points.

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