• In March, the national average price of WFP’s standard reference food basket increased by 24 percent compared with February 2022, reaching SYP 286,757 (USD 114.7 at the official exchange rate of SYP 2,500/USD). This is the seventh consecutive month registering the highest ever recorded average price since monitoring started (2013).

• FAO’s Global Food Price Index averaged a record high 159.3 points in March 2022, up 12.6 percent from February 2022 when it had already reached its highest level since inception in 1990.

• The Minimum Expenditure Basket in Syria covering 28 commodities, 20 of which food items, increased by 15.3 percent m-o-m and by 44.2 percent since September 2021.

• Conflict in Ukraine has further increased national annual inflation rates across the world. In March 2022, USA inflation was 8.5 percent (highest rate since 1981), Euro-area inflation was 7.5 percent (highest rate on record) and Turkey’s inflation was 61.1 percent.

• In March 2022, the Syrian pound’s informal exchange rate weakened by 6 percent, reaching SYP 3,848/USD. The Syrian pound’s informal exchange rate has depreciated by 50 percent since March 2021. The official exchange rate remains at SYP 2,500/USD

Standard Food Basket

In March 2022, the national average price of a standard reference food basket1 increased by 24 percent since February 2022, reaching SYP 286,757. The national average food basket price was 54 percent higher than that of September 2021 (six months ago) and 59 percent higher compared to March 2021 (Figure 1). March 2022 marked the highest ever recorded monthly average reference food basket price since monitoring started in 2013, representing the seventh consecutive month with record price levels for the standard national average reference food basket price.

Month-on-month (m-o-m), all 14 governorates recorded increases in their average reference food basket price in March. The increase came as a result of events in Ukraine affecting global food prices.

Dar’a governorate recorded the highest monthly average food basket price at SYP 306,983, up 26 percent m-o-m, while Al-Hasakeh remains the governorate reporting the lowest monthly average price at SYP 246,354, up 17 percent m-o-m (Fig. 1). The highest m-o-m increase was reported in AsSweida (of 35 percent), where the average price of the reference basket reached SYP 296,272 followed by a m-o-m price increase of 29 percent in Damascus, Hama, Lattakia and Quneitra Governorates.The lowest m-o-m average increase was recorded in Tartous where the price of the reference food basket increased by 17 percent reaching SYP 279,255.

Year-on-year (y-o-y), the price of the reference food basket has significantly increased across all 14 governorates. Damascus governorate recorded the highest increase (up 84 percent), while Idleb recorded the lowest increase (up 39 percent) – Chart 1

Source: World Food Programme