Attachments
Highlights
○ In 2023, the reference food basket closed at SYP 915,503 for a family of five, more than doubled within the calendar year while income levels remained relatively low. The December 2023 food basket cost was five times more than the monthly minimum wage, pegged at SYP 185,940 since August 2023. The surge in costs was mainly driven by a weakened currency and cuts in fuel subsidies.
○ The cost of living, as measured by the Minimum Expenditure Basket (MEB), increased by four percent to reach SYP 2,406,881 (USD 191) in December 2023 for a family of five. It more than doubled compared to the same time last year and a four-fold increase in just two years. The decline in living standards in 2023 was mainly driven by currency devaluations, fuel shortages, repercussions of the earthquake. Looking ahead, the ongoing regional conflict and continued fall of the Syrian pound is likely to exacerbate the already strained living conditions.
○ At the end of December 2023, the local currency traded at an average of SYP 14,343 to a dollar on the parallel market. During the course of year, it nearly lost 60 percent of its value on the parallel market. Over a two year period, the Syrian pound depreciated by 75 percent, and lost 94 percent of its value in four years. In less than a month into 2024, the Syrian pound already lost five percent of its value on the parallel market.