Food Prices Expected To Drop Sharply In Lebanon

Commodity Prices Expected To _Drop Sharply_ In Lebanon
Instagram/Le Commerce du Levant

A collaborative decision between the Ministry of Agriculture and Culture and the Ministry of Economy is expected to cause a significant decline in the prices of many commodities.

In a press conference that he held alongside caretaker Agriculture Minister Abbas Mortada on Wednesday, caretaker Economy Minister Raoul Nehme indicated that prices in the market will “drop strongly in the coming period.”

Nehme said that the decrease in prices will be “the result of the decision that we will take in cooperation with the Ministry of Agriculture, and this issue will help the Lebanese citizen bear the current burdens.”

He added that he had sent several laws to the Cabinet related to promoting competition, protecting consumers, among other issues.

On his part, caretaker Minister Mortada called on farmers to fix the prices of their products to avoid the need for import.

He also requested the cooperation of all competent agencies to control prices, noting that all subsidized products would be officially priced.

“… We will not allow any monopolist or trader to sell at obscenely expensive prices, because this subsidy is for the Lebanese people and farmers, and we want to secure food security for the Lebanese.”

Some of the commodity prices that have been officially fixed by the Economy and Agriculture Ministries are the following:

  • 1 liter of milk: 1,700 LBP at max.
  • Egg carton: 12,500 LBP at max.
  • 1 kg of chicken wings: 11,000 LBP at max.
  • 1 kg of chicken legs: 11,000 LBP at max.
  • 1 kg of chicken: 12,000 LBP at max.
  • 1 kg of chicken breasts: 19,000 LBP at max.
  • 1 kg of fresh beef: 36,000 LBP at max.
  • 1 kg of ground beef: 39,000 LBP at max.

It’s worth noting that, according to Reuters, the reserves of the Banque du Liban, Lebanon’s central bank cannot continue to cover basic subsidies for much longer.