Jordan's inflation rate among lowest globally, standing at 2.3%

(File photo: Jordan News)
AMMAN – The Minister of Industry, Trade, and Supply, Yousef Al-Shamali, announced on Tuesday the ministry's proactive preparations for the upcoming holy month of Ramadan, assuring the availability of essential commodities at prices lower than those observed during the previous year's Ramadan period.اضافة اعلان

In a media conference, Shamali reiterated the government's commitment, as outlined in the 2024 general budget, to refrain from raising prices, imposing taxes, or introducing any additional fees on citizens, Al-Mamlaka TV reported.

Citing the latest report from the World Bank, Shamali revealed that Jordan's inflation rate is a modest 2.3 percent, positioning it among the lowest rates globally. He attributed this achievement to the government's prudent fiscal policies and its harmonious collaboration with the central bank's monetary policies.

Elaborating on preemptive measures to mitigate inflationary pressures, Shamali clarified that these actions were prompted not by global price hikes but by regional events, including the Israeli war on Gaza and incidents in the Bab Al-Mandeb Strait. The government reinstated the estimation of customs duties for containers without regard to their origin and made storage facilities available at preferential rates in government-owned warehouses and silos. This initiative aimed to facilitate private sector storage of large quantities at favorable rates, considering that private sector storage costs are typically high. Furthermore, the government extended support to civil institutions.

Shamali underscored that should any provisions of the Industrial Law be invoked, price ceilings and other regulatory measures would be enforced in cases of excessive pricing within existing profit margins.

As Jordanians prepare for Ramadan, the ministry's proactive measures aim to alleviate financial burdens on citizens, ensuring access to essential commodities at affordable prices throughout the holy month. These initiatives reflect the government's unwavering commitment to maintaining stability and affordability for its citizens amidst regional and global challenges.

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