.AMMAN – Jordan has never been immune to
global crises and challenges affecting the world economy. However, through the
strength and resilience of the national economy and the fiscal and monetary
policies led by the
Jordanian Central Bank (CBJ), it has successfully recorded an inflation
rate of 2.13 percent, one of the lowest in the world.
اضافة اعلان
As reported by Al-Ghad Newspaper, the
general
Consumer Price Index (CPI), representing inflation, has risen by 2.13
percent from the beginning of the current year until the end of last November,
reaching 108.95 points compared to 106.68 for the same period last year.
Former Finance Minister Dr. Mohammad Abu
Hammour stated that inflation is currently a global phenomenon due to the
economic crises and wars worldwide, especially those caused by the
COVID-19 pandemic, the
Russo-Ukrainian war, and the recent conflict in Gaza. He
emphasized that the measures taken by the Central Bank were effective in
curbing inflation and reducing it significantly.
Abu Hammour explained that most countries
generally aim to maintain an inflation rate around 2 percent, which contributes
to achieving economic growth, creating job opportunities, and is considered a
healthy phenomenon. The fact that Jordan has maintained low inflation rates
compared to other countries, some of which recorded
double-digit inflation,
reflects its success in economic stability.
He further added that a sharp increase in
inflation leads to various economic challenges, including a decline in the
purchasing power of the local currency, reduced living standards for citizens,
and an increase in interest rates, negatively affecting investment and raising
the cost of local products. Monetary policies typically work to combat rampant
inflation through tools and measures taken by the central bank to
maintain monetary stability and achieve general price stability.
Regarding the increase in inflation in some
specific categories, Mohammad Walid Al-Jeitan, representative of the food,
supply, and animal wealth sector in the Jordan Chamber of Industry, mentioned
that despite the rise in the Consumer Price Index for the food and
non-alcoholic beverages category, which increased by 0.5 percent from the
beginning of the current year until the end of last month, several items within
this category experienced a price decrease. These included vegetables, legumes,
canned goods, fruits, nuts, meats, poultry, fish, and other
food products.
Jeitan pointed out that there were no
significant increases in the prices of local food during the current year. The
Jordanian food industries continued to maintain stable prices, despite relying
heavily on importing raw and primary materials from abroad, which are subject
to fluctuations in global prices due to global crises. He emphasized that the
competitiveness of the food products sector within the local market has
remained strong, contrary to what is sometimes portrayed.
Jeitan also called for the acceleration of
the project to extend gas to all cities and industrial areas, as it plays a
fundamental role in reducing costs and increasing competitiveness.
Additionally, he stressed the importance of providing incentives to enable
economic sectors to attract more local and foreign investments, aiming to
mitigate any potential impact.
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