Monthly Bulletin for Consumer Price Index and Inflation in Syria – March 2024
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Syrian Center for Policy Research:
The bulletin provides an independent assessment of consumer prices and the rate of inflation in all Syrian regions, based on a monthly survey of consumer prices carried out by the Syrian Center for Policy Research (SCPR) since October 2020. The SCPR had developed a methodology for building a price index based on components of consumer basket, weighting, and market selection (See SCPR’s Consumer Price Index in Syria)
This bulletin presents the findings of the monthly consumer price survey and the changes in the Consumer Price Index (CPI) for March 2024 (with 2021 as the base year) broken down by region and the major consumption groups. Based on the CPI changes, the bulletin provides an estimate of the cost of living and poverty lines at the local level in all Syrian regions.
The following results are highlighted:
- In March 2024, the general CPI achieved an annual inflation (Y-o-Y) of 123.7 per cent and a monthly inflation (M-o-M) of 2 per cent.
- Lattakia and Homs governorates recorded the highest monthly inflation rate (M-o-M) in March 2024, at 6.8 per cent and 6 per cent for each, respectively, followed by Daraa at 5.5 per cent, while Ar-Raqqa recorded the lowest monthly inflation rate at 0.4 per cent.
- In March 2024, the Housing, water, electricity, gas, and other fuel oils group contributed significantly to the monthly inflation (M-o-M) with 2 per cent, making up 41.7 per cent of the total, followed by the group of Food and non-alcoholic beverages with a contribution of 34.6 per cent, trailed by the Transportation group at 7.7 per cent.
- In February 2024, two decrees were issued to increase the wages of public sector employees in the GoS areas by 50 per cent, to be applied to the wages of March 2024. As a result of this decree, the real wages of public sector employees in the GoS areas increased by 47 per cent compared to the previous month.The real wages for employees in SIG & SSG institutions decreased by 5.6 per cent, and the real wages for employees in AA institutions decreased by 2 per cent.
- In March 2024, the abject poverty line for families, serving as an indicator of food insecurity, rose to SYP 2.56 million per month, marking an increase of SYP 51 thousand from February 2024. The lower poverty line increased by SYP 81 thousand from the previous month to reach 4.03 million, while the upper poverty line saw an SYP 112 thousand increase, reaching 5.56 million.
- In March 2024, the wage gap from the upper poverty line reached 74 per cent for university-educated employees in the public sector, 65 per cent for private sector workers, and 1.8 per cent for civil society workers. In all three instances.
Bulletins – Issue 3, March 2024
Monthly Bulletin for Consumer Price Index and Inflation in Syria
Click here to download the full bulletin:
Bulletins – Issue 3, March 2024
Monthly Bulletin for Consumer Price Index and Inflation in Syria
5 minute read
Download in English
Download in Arabic
Syrian Center for Policy Research:
The bulletin provides an independent assessment of consumer prices and the rate of inflation in all Syrian regions, based on a monthly survey of consumer prices carried out by the Syrian Center for Policy Research (SCPR) since October 2020. The SCPR had developed a methodology for building a price index based on components of consumer basket, weighting, and market selection (See SCPR’s Consumer Price Index in Syria)
This bulletin presents the findings of the monthly consumer price survey and the changes in the Consumer Price Index (CPI) for March 2024 (with 2021 as the base year) broken down by region and the major consumption groups. Based on the CPI changes, the bulletin provides an estimate of the cost of living and poverty lines at the local level in all Syrian regions.
The following results are highlighted:
- In March 2024, the general CPI achieved an annual inflation (Y-o-Y) of 123.7 per cent and a monthly inflation (M-o-M) of 2 per cent.
- Lattakia and Homs governorates recorded the highest monthly inflation rate (M-o-M) in March 2024, at 6.8 per cent and 6 per cent for each, respectively, followed by Daraa at 5.5 per cent, while Ar-Raqqa recorded the lowest monthly inflation rate at 0.4 per cent.
- In March 2024, the Housing, water, electricity, gas, and other fuel oils group contributed significantly to the monthly inflation (M-o-M) with 2 per cent, making up 41.7 per cent of the total, followed by the group of Food and non-alcoholic beverages with a contribution of 34.6 per cent, trailed by the Transportation group at 7.7 per cent.
- In February 2024, two decrees were issued to increase the wages of public sector employees in the GoS areas by 50 per cent, to be applied to the wages of March 2024. As a result of this decree, the real wages of public sector employees in the GoS areas increased by 47 per cent compared to the previous month.The real wages for employees in SIG & SSG institutions decreased by 5.6 per cent, and the real wages for employees in AA institutions decreased by 2 per cent.
- In March 2024, the abject poverty line for families, serving as an indicator of food insecurity, rose to SYP 2.56 million per month, marking an increase of SYP 51 thousand from February 2024. The lower poverty line increased by SYP 81 thousand from the previous month to reach 4.03 million, while the upper poverty line saw an SYP 112 thousand increase, reaching 5.56 million.
- In March 2024, the wage gap from the upper poverty line reached 74 per cent for university-educated employees in the public sector, 65 per cent for private sector workers, and 1.8 per cent for civil society workers. In all three instances.
