Inflation rate reaches 13.3% in first half of ‘08

eastwest · July 16th, 2008, 04:25 PM

More than 2% every month that is just way too much, although the impact on average consumer seems higher

AMMAN (JT) - Inflation rate for the first half of this year reached 13.31 per cent as the consumer price index rose to 136.61 points from 120.56 points during the first half of last year.

The rise was mainly the result of the increase in the prices of fuel, electricity, transport, dairy and poultry products, cereals and cooking oil, the Jordan News Agency, Petra, reported on Tuesday.

According to data obtained from the Department of Statistics (DoS), the higher prices of the mentioned principal products was coupled with a decline in telecommunication charges.

Transport prices shot up recently due to the increase in oil prices.

Last Friday, the price of one barrel of crude oil was sold at over $147 on the international market while the price of oil is expected to remain within the $130-$150 per barrel during the next year, thus stoking more fears of higher inflation rates.

Other statistics showed the industrial production index, which measures real production output, also rose during the first five months of this year compared to that recorded during the same period last year.

The rise was empowered by an increase in the output of manufacturing industries by 5.5 per cent, electricity by 10.3 per cent and mining industries by 1.5 per cent.

Meanwhile, exports and re-exports rose during the first five months of this year by 18.5 per cent and 49.5 per cent respectively while imports went up by 32 per cent compared to those recorded in the same period last year.

As such, the trade deficit recorded at the end of June reached JD2,891.3 million compared to JD2,096.5 million for the same period last year.

Pharmaceuticals, raw phosphate, potash and fertilisers topped the list of the Kingdom’s exports while there was a decline in the country’s garments and vegetable exports.

This was accompanied by an increase in the amounts of several imported goods, such as crude oil, steel, electric equipment, vehicles and cereals.

As for the country’s principal economic partners, Asian countries, particularly India, and countries of the Greater Arab Free Trade Agreement and the European Union accounted for the largest portion of the Kingdom’s exports.

Exports to countries of the North American Free Trade Agreement went down as a result of a drop in exports to the US.

16 July 2008 (Jordan Times)

attendantep3 · November 12th, 2010, 01:20 AM

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July 16th, 2008, 04:25 PM	#1
eastwest User Registered Join Date: Apr 2007 Posts: 309 Likes (Received): 0	Inflation rate reaches 13.3% in first half of ‘08 More than 2% every month that is just way too much, although the impact on average consumer seems higher AMMAN (JT) - Inflation rate for the first half of this year reached 13.31 per cent as the consumer price index rose to 136.61 points from 120.56 points during the first half of last year. The rise was mainly the result of the increase in the prices of fuel, electricity, transport, dairy and poultry products, cereals and cooking oil, the Jordan News Agency, Petra, reported on Tuesday. According to data obtained from the Department of Statistics (DoS), the higher prices of the mentioned principal products was coupled with a decline in telecommunication charges. Transport prices shot up recently due to the increase in oil prices. Last Friday, the price of one barrel of crude oil was sold at over $147 on the international market while the price of oil is expected to remain within the $130-$150 per barrel during the next year, thus stoking more fears of higher inflation rates. Other statistics showed the industrial production index, which measures real production output, also rose during the first five months of this year compared to that recorded during the same period last year. The rise was empowered by an increase in the output of manufacturing industries by 5.5 per cent, electricity by 10.3 per cent and mining industries by 1.5 per cent. Meanwhile, exports and re-exports rose during the first five months of this year by 18.5 per cent and 49.5 per cent respectively while imports went up by 32 per cent compared to those recorded in the same period last year. As such, the trade deficit recorded at the end of June reached JD2,891.3 million compared to JD2,096.5 million for the same period last year. Pharmaceuticals, raw phosphate, potash and fertilisers topped the list of the Kingdom’s exports while there was a decline in the country’s garments and vegetable exports. This was accompanied by an increase in the amounts of several imported goods, such as crude oil, steel, electric equipment, vehicles and cereals. As for the country’s principal economic partners, Asian countries, particularly India, and countries of the Greater Arab Free Trade Agreement and the European Union accounted for the largest portion of the Kingdom’s exports. Exports to countries of the North American Free Trade Agreement went down as a result of a drop in exports to the US. 16 July 2008 (Jordan Times) __________________ Visit The Jordan Forum

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November 12th, 2010, 01:20 AM	#2
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