Syria Country Office Market Price Monitoring Bulletin Issue 89, April 2022 – Syrian Arab Republic

  • From February to April, the national average price of the standard WFP reference food basket increased by 37 percent (eight percent compared to March 2022 and 84 percent compared to April 2021), reaching SYP 321,994 (114. 4 USD at the official exchange rate of 2,814 SYP/USD). ○ The FAO World Food Price Index averaged 158.5 points in April 2022, down 1.2 points (0.8%) from the all-time high reached in March, but still higher 36.4 points in the same month last year (29.8% year-on-year) .

  • Syria’s Minimum Expenditure Basket (HCT) covering 28 commodities, including 20 food items, increased by 11% month-on-month and 64% since September 2021.

  • The conflict in Ukraine continued to impact global economies. In April 2022, the Grains and Oilseeds Freight Index increased by 3.4% (mom) and 25% compared to February 2022. Inflation reached 8.3% in the United States, 7.1 % in the euro zone, 69.9% in Turkey and 206% in Lebanon. ○ In April 2022, the Central Bank of Syria officially devalued the national currency, fixing the formal exchange rate at 2,814 SYP per 1 US dollar. The informal exchange rate stabilized around SYP 3,884 per US dollar.

  • Jose C. Birney