Arab News: Jordan’s inflation rate has surged 2.13 percent from the beginning of this year until the end of November to reach 108.95 when compared to the same period in 2022, according to newly released statistics.
Figures from the Jordanian Department of Statistics indicate that the index for fuel and lighting group increased by 6.76 percent, while that of dairy products and eggs jumped by 5.95 percent.
As for the index of culture and entertainment, it rose by 4.89 percent, while that of personal effects surged by 4.80 percent, and furniture, carpets and bedding increased by 4.47 percent.
This comes despite the Middle Eastern country’s record of macroeconomic stability, progress in fiscal and economic reforms, and resilient financing linked to the liquid banking sector, as well as the public pension fund and international support.
In November alone, the consumer price index stood at 109.56, reflecting a 1.27 percent increase compared to the corresponding month last year.
The rise in the general CPI was primarily driven by personal effects by 7.04 percent, tobacco and cigarettes by 5.22 percent, and rents by 3.25 percent. Dairy products and eggs contributed by 3.21 percent, cereals and their products by 2.53 percent, and the dry and canned vegetables and legumes group by 3.34 percent.
Additionally, fuel and lighting contributed by 2.96 percent, home textiles by 1.42 percent, and culture and entertainment by 1.03 percent.
In contrast, the index for November decreased by 0.20 percent compared to the 109.78 recorded in October.
Notable contributors to this monthly decline were the dry and canned vegetables and legumes group by 6.51 percent, fruits and nuts by 4.24 percent, and meat and poultry by 1.26 percent. Culture and entertainment also contributed to the drop by 0.58 percent, along with the tea, coffee, and cocoa group by 0.56 percent.
In November, Fitch Ratings confirmed Jordan’s economic stability amid regional challenges, maintaining a “BB-” rating with a stable outlook.
The agency highlighted the country’s commitment to fiscal consolidation and predicted a decline in the general government budget deficit to 2.2 percent of the gross domestic product in 2023, compared to 2.7 percent in 2022.
https://www.arabnews.com/node/2424591/business-economy
