Syria Country Office Market Price Monitoring Bulletin Issue 90, April 2022 – Syrian Arab Republic
The June 2022 standard reference food basket has increased by 36% since the start of the crisis in Ukraine, up 45% since January 2022, and almost doubled compared to June 2021, reaching SYP 318,726 (113.26 USD at the official exchange rate of 2,814 SYP/USD).
The FAO Food Price Index continued to decline for the third consecutive month. It averaged 154.2 points in June 2022, down 3.7 points from May 2022, but still 23.1% above its value a year ago. This decrease is largely due to lower prices for vegetable oil, cereals and sugar.
The minimum expenditure basket decreased by 6% month-on-month, mainly due to lower nominal prices for animal protein, fruits and tubers. However, the June 2022 MEB remains 19% higher than at the start of the crisis in Ukraine and 51% higher since September 2021.
The conflict in Ukraine continues to impact global economies through supply shocks to energy and food prices. Rising energy costs have increased shipping costs for the shipping sectors, with the transport of dry bulk goods increasing by 60% between February and May 2022.
The official exchange rate has remained at 2,814 SYP/USD since the devaluation in April 2022 while the informal exchange rate in June 2022 was 3,977 SYP/USD.