By 2024, the average cost of living for a Syrian family surpassed 12 million Syrian SYP per month, marking a significant 26.5% increase within just three months.
According to a report from the local news agency Qasioun, December saw the average cost of living for a Syrian family rise by approximately two million, 528 thousand, and 666 SYP compared to the costs reported in September of the same year.
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These expenses escalated from nine million, 526 thousand, and 956 SYP at the end of September to 12 million, 55 thousand, and 622 SYP by the end of December.
This surge amounted to a 26.5% increase during October, November, and December, contrasting with a 15.6% increase observed during April, May, and June 2022.
The report highlighted that the average costs, spanning from December to January 2023, rose from four million, 12 thousand, and 178 sYP at the year’s commencement to seven million, 534 thousand, and 764 SYP at its conclusion, signifying a remarkable 200% increase throughout the year.
Furthermore, the report noted that the minimum monthly essential food costs for a family of five members escalated from three million, 572 thousand, and 608 SYP at the close of last September to four million, 520 thousand, and 858 SYP by the end of last December.
Additionally, the costs associated with other essential needs, constituting 40% of the overall cost of living—such as housing, transportation, education, clothing, health, household appliances, and communications—rose from two million, 381 thousand, and 739 SYP at the end of September to three million, 13 thousand, and 906 SYP at the beginning of January 2024, indicating a 26.5% increase within the same three-month period.
Over the course of a year, prices soared by 200%, while wages experienced a decline, notwithstanding the upward trend in costs.
A comprehensive analysis of the entirety of 2023 reveals a substantial shift in the average cost of living for families from January to December. The study indicates that the average cost escalated from 4 million SYP at the beginning of the year to surpass 12 million by year-end, signifying a staggering increase of over 200% throughout the year.
In stark contrast, the minimum wage saw a nominal rise of 100% (from 92,970 Syrian SYP to 185,940 Syrian SYP). However, in real terms, its purchasing power diminished. At the start of the year, the minimum wage could cover 2.3% of a family’s average cost of living, but by the end of the year, it could only cover 1.5%. This disparity implies that, in reality, wages have declined rather than increased, as outlined in the study.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
