Amman: In response to escalating geopolitical tensions and potential inflationary forces, Minister of Industry, Trade and Supply Yousef Shamali has mandated stringent oversight of market dynamics, emphasizing robust price monitoring and legal enforcement against price manipulation.
A Ministry’s statement issued Wednesday outlined a strategic response to counter inflationary risks, exacerbated by the Israeli military aggression on Gaza and regional instability in the Red Sea and Bab al-Mandab Strait.
These measures align with the Prime Minister’s directives to safeguard food reserves, ensure the continuity of supply chains, stabilize market prices, and exert market control, particularly in the lead-up to and during Ramadan.
These interventions are designed to mitigate the impact of surging maritime freight costs, aiding the private sector in maintaining a strategic food supply, especially essential commodities, while stabilizing prices by offsetting additional overheads.
Key strategies include capping cont
ainer shipping rates for customs duty calculations, a move to maintain rates at pre-October 7 levels, following private sector appeals. Additionally, Aqaba’s regulatory bodies are instructed to expedite customs clearances for food imports.
The Jordan Silos and Supply General Company is also implementing Cabinet directives to permit private sector storage of food commodities at cost-effective rates, substantially below prevailing market storage fees.
Further, the government has empowered civilian and military consumer bodies to bolster food reserves across various commodities, ensuring price stability through Ramadan.
Shamali has imposed an export ban on staple foods like sugar, rice, and vegetable oils, aiming to fortify domestic stockpiles and secure local market supply. Moreover, certain import protocols for food items, including meats, have been temporarily suspended to ensure their availability in domestic markets.
In preparation for Ramadan and to proactively address inflationary pressures, the Minis
try plans to convene sector-specific meetings with food producers, importers, and traders, and will continue comprehensive market surveillance.
Source: Jordan News Agency