World Bank report highlights 0.8% increase in food prices in Jordan

(File photo: Ameer Khalifeh/Jordan News)
AMMAN — A monthly report issued by the World Bank revealed that food prices in Jordan increased by 0.8 percent during the past month of April. Meanwhile, "local food inflation" continues to be high in various parts of the world.اضافة اعلان

According to the report, carried by Al-Mamlaka, the rise in food prices in Jordan is considered slight and lower than the rates reached in the previous year, despite an increase of 0.7 percent and 1 percent in February and March, respectively, with the rate reaching 5.8 percent in May of the previous year.

Low and middle-income countries
The Department of Statistics confirmed in its monthly report that the general consumer price index (inflation) for the month of April 2023 reached 109.09 compared to 105.99 for the same month last year, recording an increase of 2.93 percent.

Based on the latest monthly report from the World Bank, which includes data from January 2023 and April 2023, it is evident that inflation rates are increasing in most low and middle-income countries. The report focuses on food price inflation and reveals that more than 5 percent inflation levels are being observed in a significant majority of these countries.

Specifically, 70.6 percent of low-income countries, 81.4 percent of lower-middle-income countries, and 84 percent of upper-middle-income countries are experiencing inflation rates exceeding 5 percent. Moreover, a considerable number of these countries are facing double-digit inflation rates.

Additionally, high-income countries are also impacted, with 80.4 percent of them suffering from food price inflation. The regions most affected by this trend include Africa, North America, Latin America, South Asia, Europe, and Central Asia.

In terms of real impact, food price inflation surpasses the overall inflation rate in 84.5 percent of the 161 countries for which data is available.

Global agricultural product prices fluctuate
Globally, agricultural product prices, grains, and export commodities have decreased by 4 percent, 3 percent, and 1 percent, respectively, compared to two weeks ago.

Wheat prices have witnessed a significant decrease of 11 percent, while rice and corn prices remained relatively stable.

On an annual basis, corn and wheat prices decreased by 25 percent and 55 percent respectively, while rice prices increased by 13 percent. Corn prices increased by 15 percent compared to January 2021, while wheat and rice prices decreased by 11 percent and 1 percent respectively.

Jordan implements measures to address food price inflation
According to a previous report, the food price index in Jordan increased by 0.7 percent in March and 1 percent in February, after a 6 percent decrease in January compared to December 2022.

As part of its global response to the food security crisis, the World Bank approved a project worth $125 million in Jordan to strengthen the development of the agricultural sector by enhancing its resilience to climate change, increasing competitiveness and inclusiveness, and ensuring medium to long-term food security.

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