Highlights

○ The standard reference food basket increased by two percent to reach SYP 321,356 (USD 114.20 at the official exchange rate of SYP 2,814) in August 2022 compared to the previous month, influenced by price gains in rice and sugar.

○ FAO Food Price Index continued a downward spiral in August 2022. At an average of 138.0 points, the Index recorded a two percent decrease compared to the onset of the Ukraine Crisis. Despite the recent downward trajectory, a welcome relief for food deficit countries, the index remained 7.9 percent above its value a year ago.

○ After three consecutive months of mild decline, the Minimum Expenditure Basket (MEB) increased by five percent in August 2022, m-o-m, to reach SYP 797,030. As of August 2022, the food component of the MEB increased by 21 percent since the start of the Ukraine crisis while the non-food moved up by 28 percent during the same period. The crisis in Ukraine has upended the markets for food and energy, and when this two grow dearer, standards of living tend to fall.

○ The official exchange rate remained at SYP 2,814/USD in August 2022 while informal rate stood at SYP 4,342/USD.

Source: World Food Programme