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.
Related Articles
Egypt brings new gas well online with 10mn cubic feet/day output
Egypt’s Ministry of Petroleum and Mineral Resources is finalising procedures to bring a new natural gas well, North El-Basant-1, into production with an expected output of around 10mn cubic feet ... more
Tunisia kicks off stalled expansion of solar projects with 1.3GW capacity push
Tunisia is finally accelerating the deployment of its large-scale photovoltaic (PV) sector after years of slow progress, with construction now underway across multiple major projects, PV-Magazine ... more
Shell and Petronas seek 20% gas price increase for Egypt’s West Delta marine phase
UK energy major Shell (LON:SHEL) and Malaysia's national oil and gas company Petronas have asked the Egyptian Natural Gas Holding Company (EGAS) to raise the gas price for the upcoming Phase 12 ... more