World Bank reports consecutive rise in Kingdom’s food prices amid inflation

AMMAN — Food prices in Jordan increased by 1.8 per cent by the end of February, according to a monthly report by the World Bank, while the Department of Statistics indicated a rise in the inflation rate in Jordan by 1.57 per cent during the same month compared to February 2023.

According to a report by the World Bank reviewed by Al Mamlaka, food prices in Jordan continued to rise for the eighth consecutive month, after rising by 3 per cent in January, 2.2 per cent in December, 0.8 per cent in November, 1.7 per cent in October, 1.3 per cent in September, 0.6 per cent in July of 2023, and 1.2 per cent in August of 2023, despite a 1 per cent decrease at the end of June and a 1.9 per cent decrease at the end of May.

According to the Department of Statistics, the general Consumer Price Index for February reached 110.02 compared with 108.32 for the same month in 2023, and the index for February 2024 was 110.02 compared to 109.72 for the preceding month of the same year.

On a cumulative level, the index for the first two months of 2024 reached 109.87 compared to 107.97 for the same period in 2023.

A previous report by the World Bank highlighted statements by Agriculture Minister Khaled Hneifat, affirming the pivotal role of the agricultural sector in food security, and outlining the ministry's efforts to finance modern irrigation systems, amend the Agricultural Risk Fund to expand coverage and contribute to the establishment of water wells, dams, and water facilities, as well as ground basins to enhance adaptability to climate change.

The bank explained that the Jordanian government aims to enhance national food security by establishing the first national seed bank, expanding food storage capacity to 400,000 tonnes, and digitising operations at the Port of Aqaba, which will enhance Jordan's logistical capabilities and food security.

The World Bank report indicated that the World Food Programme reported a shortage of funding, limiting food assistance to refugees amid increasing levels of food insecurity among refugees in Jordan in the second half of 2023.