(MENAFN) Official report showed that Syria's inflation has reached a new record at 32.5 percent in May compared to a year earlier on higher food costs, Arabian Business reported.
According to the Central Bureau of Statistics, the price of meat, fruits, bread, housing water and electricity continued their upward trend, while the cost of dairy, non-alcoholic drinks, vegetables and sugar slowed.
Syria is facing a worsening political and economical instability as international sanctions, nearly 17 months of political uprising and increasing fuel shortages have taken their toll on the economy.
Finance Minister Mohammed Al Jleilati said that the oil industry lost USD4 billion in revenue as a result of the oil sanctions. However, he assured that the country's economy will not "collapse.
Syria's economy will grow between 0 and 2 percent this year while the fiscal deficit remains under control and on target of 6 to 7 percent of GDP, Jleilati predicted.
Total unemployment in Syria has increased from about 12 percent to 25 percent, according to Jleilati.