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With Ramadan approaching and the Russian-Ukrainian war… will the prices of basic commodities rise?

Amman Today

publish date 2022-02-28 12:58:39

Compass – Laith Al Nimrat

Jordanians are cautiously anticipating the escalating developments between Ukraine and Russia, especially after the latter began its military campaign, which raised fears of economic impact on Jordan, especially since the crisis was linked to the rise in global oil prices.

With the advent of the blessed month of Ramadan, Jordanians fear that the effects of the Russian-Ukrainian war will affect the prices of basic commodities, especially since many of these commodities are linked to oil, which has exceeded the $100 per barrel barrier, a price it has not reached for several years.

The negative effects of the Corona pandemic are still casting heavy shadows on the Jordanian citizen, as the pandemic has caused several complex crises, exacerbating the living crisis that the citizen is experiencing even before the pandemic, and the high numbers of poverty and unemployment that are reflected in it.

The head of the Food Traders Syndicate, Khalil Al-Hajj Tawfiq, considered that the fears of rising prices of basic commodities due to the repercussions of the Ukrainian-Russian war were unreal.

Haj Tawfiq said in a statement to “Al-Basala” that prices depend on supply and demand, and some commodities increased their prices in the country of origin, which was reflected in their increase in the local market, pointing out that the rise in the country of origin was before the Russian military campaign against Ukraine.

However, Haj Tawfiq indicated that there is concern about the impact of high oil prices globally on freight rates, and there is monitoring of the rise in freight costs, according to global oil prices, stressing at the same time that “prices will not change in the month of Ramadan.”

He pointed out that Jordan does not import basic commodities from Ukraine or Russia, with the exception of a type of vegetable oil. However, he indicated that there are alternatives to these commodities from other countries.

The economic expert, Musa Al-Saket, explained the repercussions of the Russian attack on Ukraine locally on Jordan, indicating that we will witness more price increases, especially after oil reached $103.

In a press statement, he indicated that inflation will exceed the 3% barrier, knowing that the 2022 budget was calculated at 2.4%, pointing to a crisis in the supply chains that will result in a delay in shipping, whether incoming or outgoing.

Al-Saket expected a significant increase in wheat and barley prices, but indicated that the export industry sector, especially the chemical sector, would be the most affected, as the total exports of the sector exceed two billion dinars.

In the meantime, Consumer Protection warned against the unjustified increases that occurred in the prices of some basic commodities, supply commodities, even luxury items, and some types of feed during the past days under the pretext of war, despite the fact that the percentage of our imports from those countries does not exceed 10% and that the Kingdom’s strategic stockpile of these commodities It suffices us for more than a year, and there are also other commodities whose prices have gone up that are not imported from these countries.

Muhammad Obeidat, Head of Consumer Protection, said that the state of chaos in the markets these days causes us to worry and fear due to the repeated and programmed rises on some commodities under the pretext of flimsy arguments by some traders. For example, the prices of frying oil, especially those used by popular restaurants, have risen at rates that ranged between 9% to 15%, and this matter will lead to losses that restaurant owners may not be able to bear, and consequently asking them to raise the prices of their products from these popular foods that most families depend on from The middle and poor classes, which will negatively affect their purchasing power, especially as they suffer from difficult economic conditions.

He added that there are some goods whose package size has been tampered with and their prices have been increased, or their prices have been kept constant despite the reduction in the size of the package, and this is considered misleading to consumers.

Obeidat called on the Ministry of Industry, Trade and Supply to address the state of chaos in the markets by tightening control over them and setting price ceilings for goods whose prices have risen unfairly and unjustifiably. The fact that these commodities remain at these heights without accountability will encourage other traders to increase the prices of commodities with the same pretexts and justifications. Therefore, they must be confronted and work to control prices in proportion to their global prices.


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Jordan News

Source : اخبار الاردن

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