Economic catastrophe haunts Gaza during Ramadan

Economic catastrophe haunts Gaza during Ramadan

Palestinians in Gaza are observing Ramadan amid a profound economic catastrophe, as Israel maintains strict limitations on food and supplies despite a nominal ceasefire reached in October, Al Jazeera reported Monday.

An analysis of official data reveals that basic commodity prices have surged so dramatically that a traditional iftar meal is now unaffordable for the vast majority.

While some prices retreated slightly from their 700 percent peak during the height of the siege, they remain significantly higher than pre-war levels.

Key staples like eggs, frozen fish, and vegetables have seen increases ranging from 110 to 190 percent, while the cost of a basic family iftar has jumped by 90 percent.

These hikes coincide with a total collapse in purchasing power; annual per capita income plummeted from $1,250 in 2022 to just $161 in 2024.

With unemployment exceeding 95 percent following the destruction of workshops and farmland, workers now prioritize finding food parcels over seeking nonexistent jobs.

Economic researchers attribute this inflation to Israel’s restrictive entry policies—allowing only a fraction of the required 1,000 daily trucks—and a monopoly system where only a handful of merchants are authorized to import goods.

source: tehrantimes.com