Due to Lebanon’s ongoing deteriorating economic state, this year’s inflation rate has resulted in market food prices surging up to a 400% increase rate based on Bloomberg’s calculations brought through the Central Administration of Statistics.
According to Bloomberg, the following percentage increases were a result of the inflation since December:
- Food and non-alcoholic beverages rose 402.3%
- Alcoholic beverages, tobacco up 392.5%
- Clothing and footwear increased 559.8%
- Restaurants and hotels rose 609%
- Furnishings, household equipment, and routine maintenance up 655.1%
Lebanon’s inflation rate soared up 82% from 2019 to 2020 based on the data analyzed from the Central Administration of Statistics, making it really difficult for citizens to adapt to such drastic changes while simultaneously be able to sustain themselves.
Hanging by a thread of the 1,507.5 LL per dollar, the black market has taken its uncontrollable liberty to get the currency flowing at a rate that recently exceeded 9,000 LL per dollar. The only exemption is applied to the “imports of fuel and pharmaceuticals, and essential food items.”
Lebanon, in fact, is making history with its hyperinflation ever since it made it into the Hanke-Krus World Hyperinflation Table on July 22nd, 2020 after its inflation rate exceeded 50% per month over a period of 30 consecutive days. And yet it hasn’t stopped at that.
By the end of October of 2020, Lebanon hit an annual inflation rate of 302%, exceeding it by end of November to hit 365%, ranking 2nd for the most hyperinflation in the world, surpassing Zimbabwe.
As for the latest calculations of John Hopkins’ Economist Professor Steve Hanke on February 17th, 2021, Lebanon’s new inflation rate is currently at 269.10%