Jordan’s CPI inflation cooled to 3.1% y/y in February 2014 from 3.4% the month before on falling utilities, hygiene and entertainment costs that offset rising rents and tobacco charges, the statistic office DoS said. The reading continues to accommodate the central bank’s recent decision to cut key interest rates by 25bps to further boost economic growth and stimulate private sector credit expansion amid moderate inflation.
In monthly terms, Jordan’s CPI inflation ticked up 0.4% m/m, accelerating from a 0.1% rise in January.
Fresh vegetable prices jumped 9.7% y/y in February despite braking from a 21.6% expansion a month earlier. Rent costs rose 7.7% y/y, the same as in January, but fuel and electricity prices fell 0.7% y/y during the month. Clothing and footwear prices increased 6.5% y/y, cooling from 7.3% y/y growth in January.
Personal hygiene charges dropped 3.8% y/y and those of meat and poultry fell 0.2% in February.
In January-February, Jordan’s CPI inflation averaged 3.2% y/y lifted by higher rents (up 7.7% y/y), fresh vegetables (up 15.6%) and education (up 5.7%) costs.
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