Industry Ministry intensifies local market’s surveillance

AMMAN — The Ministry of Industry, Trade and Supply has intensified its vigilant monitoring of the local market, undertaking detailed observations of the offered rates, according to a ministry representative.

“The ministry has begun implementing several measures that assist in dealing with potential inflation pressures resulting from the ongoing war in the Gaza Strip,” the ministry’s spokesman Yanal Barmawi, told The Jordan Times. He added that Minister of Industry, Trade and Supply Yousef Shamali  has instructed market observers to use the force of the law to regulate prices.

Effective price monitoring involves considering soaring freight prices amid the Red Sea chaos and Bab Al Mandeb crisis, in order to ensure adequate quantities of food stockpiles, and food prices do not witness an increase, according to the spokesperson.

Barmawi affirmed that the ministry continuously keeps track of market prices, and makes sure supply chains are not disrupted particularly during the period before and after the holy month of Ramadan.

“The ministry is also focused on strengthening Jordan’s strategic stock of essential foodstuffs,” he stressed. Noting that the ministry is oriented towards maintaining price stability through taking certain measures such as reducing incremental expenses. 

As for container rates, Barmawi confirmed that the measures the ministry has adopted also include proposing price limits on container rates, in addition to instructing relevant regulatory authorities in Aqaba, to speed up clearance formalities, particularly food products.

Regarding the exporting of basic food commodities, he clarified that the minister has prohibited the export of basic foodstuffs including sugar and rice.

Furthermore, he said that the ministry through its comprehensive plan aimed to reduce vulnerability to food price instability by navigating market dynamics, and conducting meetings with various sector representatives.