Jordan least Arab country affected by food price inflation — World Bank

AMMAN – The World Bank’s (WB) recent reports showed that Jordan is the least Arab country affected by food price inflation that hit 3.5 per cent.

According to WB’s data, Jordan has passed Libya, Oman, Saudi Arabia, Qatar, Iraq, Kuwait, Bahrain, Algeria, Tunisia, Mauritania, Morocco and Egypt, while Lebanon ranked the highest with a food price inflation rate of 203.2 per cent.  

Jordan has attached importance to food security, as in the year 2021, the National Food Security Strategy (2021-2030) and the National Plan for Sustainable Agriculture (2022-2025) were launched, the Jordan News Agency, Petra, reported.

Jordan imports of food are estimated at $4 billion a year, including raw and ready for consumption materials, according to the Jordan Chamber of Commerce. 

The strategy is in accordance with the directives of His Majesty King Abdullah towards making Jordan a regional hub for food security.

The ministers of agriculture of Jordan, Syria, Lebanon and Iraq have agreed to support the initiative of the Food and Agriculture Organisation (FAO) through hosting the Regional Observatory for Food Security, to take part in policy-making and provide effective and urgent solutions to various food security-related issues.

The WB said that food prices in the third quarter of 2022 went down, but are expected to remain high.

The WB’s Food Price Index dropped by 12 per cent in the third quarter of 2022, quarter-on-quarter, after hitting the record in April, but it remains some 20 per cent above the figures recorded a year ago.

The forecasts said that food prices are still high due to local currency devaluation, while prices are expected to fall by 5 per cent in 2023 before stabilising in 2024.

Despite the expected declines, most food prices will remain high by historical norms.