The bread and flour prices have been determined by the Lebanese Minister of Economy, Amin Salam. The legislation is effective as of today.
The legislation specified the maximum prices for all kinds of flour and the price for its transportation, as well as the prices for all sizes of packs of bread.
While this legislation does not decrease the prices of packs of bread, it aids in stabilizing the costs for bakeries.
Previously this month, the prices of bread increased to reach 9,500LL for a large pack. The Minister decided to reduce the size of the pack in order to maintain the price.
Before Lebanon’s economic collapse, the price of a small pack of bread was 1,000LL, and the price of a large pack was 1,500LL.
Bakeries in Lebanon have been struggling with the economic collapse and unstable exchange rate. The soaring prices also contribute largely to their struggle.
The lifting of subsidies on sugar and yeast caused prices to be determined by the black market rates, which resulted in an increase in costs for bakeries, and in turn bread prices.
The President of the Association of Bakeries made an announcement on Wednesday that bakeries are taking “huge losses due to the high prices of raw materials.”
In the same announcement, he called for stopping “the joke” of weekly bread prices. He added that they were surprised when the minister didn’t sign new pricing which was agreed on 3 days prior to the announcement.
That is due to the unstable exchange rate, which has sharply increased most recently to almost reaching 23,000LL for 1 USD.
He also added that the increase in wheat prices in the international market caused the price of flour to increase.
Under this legislation, one pack of bread a day, which is enough for a family, will cost them 270,000LL. This is 40% of the 675,000LL minimum wage.
Support our independent media - contribute today! Become a Patron!