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Jordan’s inflation slows to 4.7% in August

13 Sep 2010

(MENAFN) Jordan’s Department of Statistics said in a statement that the kingdom’s year-on-year consumer price inflation (CPI) fell to 4.7 percent in August from 4.8 percent in July, Petra reported.

Yearly inflation – which stretched into double digits in 2008 on the back of record oil and commodity prices – has picked up again after falling to 3.9 percent in January this year.

Inflation in the oil-importing kingdom ran at around 5 percent in the first half of 2010, buoyed by rising energy costs. Economists expect it to hover around 6 percent this year while the government still hopes it will stay in a 3-4 percent range.

The Central Bank of Jordan (CBJ) slashed its benchmark lending rates by a total of 250 basis points in an easing cycle that dates back to November 2008.

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