For the fourth time this year, the Ministry of Economy has decided to raise the price of bread, the most basic household staple.
The price increase comes as production costs spike due to the unstable exchange rate. Last week, the national currency hit a record-breaking rate of over 15,000 LBP against the dollar on the black market.
At the time of writing, it is fluctuating between 13,200 LBP and 13,400 LBP, which remains astronomical for the Lebanese people and market.
Less than two weeks ago, Lebanon had already raised the price of the Lebanese white bread and changed its size.
The price of an 870-gram bundle of Lebanese white bread was raised to 2,500 LBP. Now, a large bundle of bread will cost 3,000 LBP for a new size of 960 grams.
The smaller bundle weighing 445 grams will cost 2,000 LBP – it was decided to cost 1,500 LBP for 385 grams less than two weeks ago.
Economy ministry: price of bread, #Lebanon main staple, increases due to local currency losing value // 960 g = 3000 lira / 445g = 2000 lira – price already raised three times over the past year
— Zeina Khodr (@ZeinakhodrAljaz) March 23, 2021
It’s worth noting that almost a month ago, The961 ran a fact check about rumors that the price of a bundle of bread would start selling for 3,000 LBP.
At the time, the Economy Ministry denied it and the Director-General of Grains at the Economy Ministry, Gerges Barbari, described it as “malicious rumors.”
However, today the rumors have become a reality in a country where the spiraling economic crisis has made it difficult for people to secure the most basic and essential commodities.
