INTRODUCTION
To facilitate humanitarian cash programming, the Northwest of Syria Cash Working Group (NWS CWG), in collaboration with local and international NGOs, carries out a monthly Joint Market Monitoring Initiative in Northern Syria. This initiative assesses the availability and prices of basic commodities typically sold in markets and consumed by the average Syrian household. These include food, water, and non-food items such as fuel, shelter, and clothing items.
Among these commodities, 18 components (measured by 24 items) form the Survival Minimum Expenditure Basket (SMEB), which signifies the minimum culturally adjusted items necessary to sustain a household of six individuals for a month.
KEY FINDINGS
• Between February and March 2024, the regional median informal exchange rate in NWS decreased by 3.2%, further impacting the prices of essential goods.
• In March 2024, the cost of SMEB food saw a slight increase, averaging 3,418 TRY for a family of six. This marks a 60% increase compared to the previous year.
• The high SMEB prices could be attributed to several factors: currency depreciation against the United States Dollar (USD), conflict dynamics, and high fuel prices.
• A recent stabilization can be observed in the regional median USD/TRY informal exchange rates, with a reduction in the depreciation rate following a period of heightened fluctuations in mid-2023.
• The depreciation of the Turkish lira due to increasing inflation in Turkey and the northwest region have led to higher prices, particularly affecting items such as fuel and everyday household goods like bulgur and other food items.