Global decline brings down commodity prices locally

(File photo: Jordan News)
AMMAN — Prices of some commodities, such as oils, grain, wheat, rice, and meat, are declining in the local market as a result of a global decline in their price, Al-Mamlaka TV reported.اضافة اعلان

Nael Al-Kabariti, president of the Jordan Chamber of Commerce, said the reason for the global decline in prices was a result of growing competition between firms, which opt for selling their products at cheaper prices to meet the expiration date labelled on the packages.

He pointed out that grain and wheat are imported by the government, and a small percentage is imported by merchants, as fodder and corn, which are used for feeding livestock and birds.

Kabariti said that when prices drop or rise globally, “that reflects on their prices domestically.”

He said that the global prices of some foodstuffs decreased as well. He said some countries had an oversupply in their stocks in the wake of the Russian war in Ukraine, when countries stockpiled supplies fearing shortages, but ended up with an oversupply of goods.

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Jordan News