Jordan's CPI inflation increased to 7.1% y/y in May from 6.0% the month before, state news agency Petra reported on June 10, citing a statement from the stats office DoS. The latter has yet to publish an official breakdown by sector. Higher fresh produce, transport and fuel prices remained the main growth engine of CPI in Jordan. Food prices account for 36.6% of the inflation basket.
In monthly terms, the CPI reportedly shrank 0.9% m/m compared with a 0.1% contraction in April.
In Jan-May, CPI inflation averaged 7.0% y/y, well up from 3.9% the year before. Jordan’s CPI inflation will quicken to 5.9% in 2013 from 4.8% a year earlier, the IMF said in its latest April World Economic Outlook.
Jordan’s government has already lifted fuel subsidies and will very soon hike electricity prices by an average of 14%, according to earlier reports. These factors will likely boost inflationary pressure in the near term but the one-off price increase will gradually fade throughout H2 as the market absorbs the initial price shock.
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