jordan pulse -
A report by the World Bank confirmed that food prices in Jordan continued to decline again, as they fell last January by 1% compared to December 2022.
According to the report, which was reviewed by “The Kingdom”, food prices in Jordan decreased to (-0.4%) after declining last December, to reach 0.6%, compared to 3.1% in the month of November, at the time of the previous month. Domestic food price inflation remains high around the world.
The Food and Agriculture Organization (FAO) food price index decreased in February by 0.6% in the world from its level recorded in January, thus continuing its decline for the eleventh month in a row.
In light of the recent decline, the index decreased by 18.7% from its peak in March 2022, as the decline in the food price index last month reflected significant declines in the price index of vegetable oils and dairy products, along with a slight decline in the price index of grains and meat. , which offsets the increase in the sugar price index.
- 'Higher tempo' -
According to the bank’s statistical data, food prices in Jordan, which imports food worth $4 billion annually, reached a “highest pace” last May at 5.8%, then fell to 4.1% in June and 3.9%. in July, then to 3% in August, before rising again to 3.2% last September, and 3.5% last October.
Information from the most recent reports for the months of October 2022 and January 2023, which includes data on food price inflation, indicated rising inflation rates in almost all low- and middle-income countries, with inflation levels above 5%. In 88.9% of low-income countries, 87.8% of lower-middle-income countries, and 93% of upper-middle-income countries, many of which are experiencing double-digit inflation rates, according to the report, which was reviewed by the Kingdom.
In addition, approximately 87.3% of high-income countries suffer from high food price inflation. The most affected countries are located in: Africa, North America, Latin America, South Asia, Europe and Central Asia.
- Mixed grain price trends -
The price indices of agricultural products, grains and export products in the world remained stable during the past two weeks, as the price indices of agricultural products and export products increased by 1%, and the grain price index closed at the same level. Prices of corn, wheat and rice all closed within 1% of their levels two weeks ago, according to the report.
On a yearly basis, maize and rice prices are up 9% and 16% respectively, and wheat prices are down 3%. Maize and rice prices increased by 4% and 18%, respectively, and wheat prices fell by 5%. The prices of corn and wheat increased by 32% and 15% from what they were in January 2021, and rice prices fell by 1%. (See the "pink sheet" data for agricultural and food commodity price indices, which are updated monthly.)
The latest Food Price Monitoring and Analysis Bulletin issued by the Food and Agriculture Organization (FAO) revealed mixed trends in world grain prices in January 2023.
International wheat prices fell in January for the third month in a row; International prices of coarse grains remained mostly unchanged; International rice prices rose at an accelerated rate in January 2023.
Overall, FAO's analysis indicates that high prices have persisted over the past three months, although there is some evidence of a decline from their peak in 2022 in some countries, where the increase in rice prices was a major contributor to the continuing increase in cereal prices.
According to the report of the Agricultural Monitoring Initiative of the Earth Observations Early Warning Group (GEOGLAM) in February 2023, there is likely to be a sixth consecutive season of poor rainfall in East Africa.
In the aftermath of the war in Ukraine, the trade-related policies imposed by the countries escalated. The global food crisis has worsened for several reasons, including the increasing number of restrictions on food trade that countries are putting in place with the aim of increasing domestic supplies and lowering prices.
As of February 11, 2023, 23 countries have implemented 29 food export bans, and 10 countries have implemented 14 measures to limit exports.
According to the Global Report on Food Crisis - Mid-2022 Update, up to 205 million people are expected to face acute food insecurity and require urgent assistance in 45 countries.