Local food, commodity prices on way to recovery — Jordan

The Trade, Commerce and Provide Ministry on Saturday stated that the native costs of meals objects have begun their restoration from the worldwide meals crises which occurred because of worldwide oil worth hikes, delivery prices, low provides and different components.

Trade, Commerce and Provide Minister Yousef Shamali stated that the ministry’s knowledge exhibits that international worth fluctuations “had been clearly mirrored” on native costs.

Shamali attributed this to the nation’s competition-based market coverage, which is the “greatest driver for stability” out there, the Jordan Information Company, Petra, reported.

He added that the contributing components to the worth lower stem from a discount in manufacturing prices which has occurred on account of decreased oil costs, post-pandemic manufacturing resumption and availability of products.

Shamali stated that worldwide worth hikes in meals and commodities in the course of the first quarter of this yr affected the native market lower than the worldwide markets, due to authorities assist to the business sector to ensure objects’ availability at cheap costs.

The minister stated that the federal government took measures comparable to decreasing inspection and dealing with charges, extending the storage durations of containers, decreasing the gross sales tax on objects, notably vegetable oils and saying financing instruments that assist curb worth hikes.

Domestically, the vegetable oil costs elevated by 15.1 per cent between February and April earlier than the federal government imposed worth ceilings and lowered gross sales tax on the merchandise. These measures stabilised native costs earlier than their lower of between 5-10 per cent in July, and extra 10 per cent drop in September, Petra added.

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