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FINANCIAL NEWS
Syrian April inflation hits 31.5%
07 Jun 2012
(MENAFN) A recent official report said that Syria’s inflation rate stood at 31.5 percent in April compared to a year earlier over higher costs of food products, Arabian Business reported.
According to the data released by the Central Bureau of Statistics, the pace of increase is slower than the 30.8 percent recorded in March.
European and US sanctions have put more weight on President Bashar al-Assad’s administration as fuel shortages and a depreciating currency further threaten the stability of the country.
Last month, Syria’s oil minister Sufian Allaw said international sanctions caused the country’s economy to lose USD4 billion.
Syria’s economy shrank by 3.4 percent last year, mainly because of the political uprising, and is expected to further contract by 8.1 percent this year, according to the Economist Intelligence Unit.
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