Attachments
Highlights
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The December 2022 standard reference food basket facing consumers reached SYP 425,585, almost doubled in 12 months, and increased four times compared to two years ago. The prolonged crisis in Ukraine and weakened local currency, among other factors, remained key fundamental drivers behind the price pressure to an uncomfortable degree in 2022. By the end of 2022, the minimum wage, SYP 92,970, could only afford one fifth of the food basket.
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The Minimum Expenditure Basket continued to stay on the rise, reaching SYP 1, 049,235 in December 2022, more than doubled since the series started in September 2021. The surge in energy prices remained one of the key sources of pressure. The December MEB was 11 times more than the minimum wage, which reflected plummeting living standards.
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The Syrian Pound traded at an average of SYP 6,307/USD on the informal market in December 2022, while the official rate was SYP 3,015/USD. The local currency depreciated by 44 percent in 2022, fell by 57 percent in two years, and depreciated by 87 percent in three years. Due to some imbalances, the local currency was allowed to slide again on 2nd January 2023, settling at SYP 4,522, a drop of 33 percent