World Bank report reveals decline in Jordan’s food prices

Amid global concerns over Russia’s grain initiative withdrawal, food prices in the Kingdom declined by 1 percent

(Photo: Ameer Khalifeh/Jordan News)
AMMAN — A report from the World Bank revealed that food prices in Jordan declined by 1 percent until the end of June, based on the latest available statistics. This decline followed a previous drop of about 1.9 percent at the end of May.

Concerns in the global market
However, the report also highlighted concerns in the global markets due to Russia's withdrawal from the Black Sea Grain Initiative (BSGI), raising fears of a potential price increase, Hala News reported.

The termination of the grain agreement between Russia and Ukraine on July 17 had a significant impact on food prices worldwide. After the agreement ended, Russia launched a series of attacks on Ukrainian ports, resulting in the spoiling of around 60,000 tonnes of grains. The Russian Ministry of Defense declared that all cargo ships in the Black Sea heading to Ukraine are potential military targets.

Ukraine is one of the world's largest exporters of food crops, including sunflower oil, barley, corn, and wheat.

The termination of the grain agreement had a profound effect on global food markets, causing sharp increases in wheat prices in both European and American wholesale markets. اضافة اعلان


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