Attachments
Highlights
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The April 2023 standard reference food facing consumers reached SYP 511,686 (USD 78), which was 61 percent more expensive than a year ago, and nearly tripled in three years. The pro-longed crisis in Ukraine and its associated supply chain disruptions, continued depreciation of the Syrian pound, among other factors, have caused food prices to remain elevated.
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The Minimum Expenditure Basket, a measure to count the cost of living, for a household of five members reached SYP 1,360,326 (USD 208) which was 60 percent more than a year earlier and 163 percent dearer than at the start of the current MEB series, September 2021. The socioeconomic conditions, depicted by the elevated cost of living, have deteriorated as purchasing power continues to be eroded by soaring inflation and loss of value of the Syrian pound. The monthly minimum wage at SYP 92,970 (USD 18) could only afford seven percent of the April 2023 minimum cost of living, as such, many vulnerable households risk prolonged struggle to put food on the table.
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Following the Central Bank of Syria announcement of the devaluation of the Syrian Pound in early April 2023, the local currency traded at SYP 7,650 against the US dollar on the parallel market. The April parallel rate meant that the local currency depreciated by 49 percent in one year, fell by 59 percent in two years and lost 93 percent of its value since April 2019.