Jordan’s CPI deflation widens to 1.7% y/y in March

By bne IntelliNews April 12, 2016

Falling transport, utilities, meat and fresh produce prices widened Jordan’s CPI deflation to 1.7% y/y in March from 0.8% y/y the preceding month, the statistics office said.

In Q1, Jordan’s CPI deflation averaged 1.2% y/y boding well with the central bank’s aggressive monetary easing to spur borrowing and economic growth. In 2016, Jordan’s CPI should rise a mere 0.2% y/y, according to the IMF, reversing a 0.9% deflation a year earlier.

In monthly terms, Jordan’s CPI edged down a marginal 0.02% in March, narrowing from a 1.1% annual decline in February, mainly on fuel costs coupled with favourable seasonal factors that cut fruits and dairy products costs.

Meat and poultry charges dropped 7.1% y/y in March while those of fresh vegetables declined 7.6% y/y. Transport prices shrank 8.5% y/y in March widening from a 3.3% y/y contraction a month earlier as the government has cut fuel prices amid falling crude oil prices. Utilities charges fell 8.3% y/y during the month. Rent charges, however, rose 3.2% y/y, the same as in February, amid rising local demand.

In Q1, transport prices fell 6% y/y and those of utilities dropped 8.5% y/y.

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