Multiple forces may now be pushing Syria toward renewed inflation.
Wages rose in June, subsidies are being phased out, domestic demand is rebounding as one million refugees return, and the 2025 drought has sharply reduced agricultural supply.
At the same time, the recent depreciation of the SYP remains fragile, driven more by liquidity restrictions and confidence than by structural improvements.
If households resume postponed consumption or if the Central Bank loosens controls, prices, which started increasing recently, could rise further.
But how fast is too fast for households and businesses?
Full analysis in our latest issue.