Syria's inflation rates skyrocketing
Syrian annual inflation rate hit 68% in May 2013 while prices continue to rise; announced the Syrian central bureau of statistics website on Wednesday.
The bureau attributed the rise in inflation rate to the significant increase in basic food prices; specifically bread, cereals, milk, cheese, oil, fruit and non-alcoholic drinks.
Syria is currently suffering from a raging civil war that followed the 2011 popular uprising. The conflict has left above 100, 000 dead and 4 million Syrians in need for food aid; according to the United Nations.
Last July, the united nations food aid agency found that Syrians are now spending 50 percent more on food than they did a year earlier; reported Reuters on Friday.
Furthermore, the latest harvest season left Syria with fewer than half the pre-war norm suggesting a need to import 2 million tonnes of wheat in the coming year; according to Reuters estimates.
The Syrian pound traded at 46 to the dollar before the war but fell to 126 to the dollar last March while foreign reserves dropped to $4 billion in the same month from the pre-war value of $18 billion; reported Reuters last April.
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