Lebanon’s annual inflation rate is now considered the highest in the world, according to Bloomberg.
The inflation rate has reached a new high, surpassing that of Venezuela and Zimbabwe, which are going through some of the worst economic crises in the world, according to the data.
Between August 2020 and August 2021, the Consumer Price Index in Lebanon soared by 137.8%, and by 123.4% in July compared to July of last year.
Prices also rose by 10.25% between July and August 2021, and food prices jumped by 20.82% in the same period.
According to the most recent data published by the Lebanese Central Administration of Statistics, inflation reached 99.85% during the first eight months of the current year.
Lebanon’s economic meltdown, considered among the worst in the world since the 1850s, continues to worsen amid the lack of effective political action to curb its effects.
The crisis deepened significantly during a 13-month period of political vacuum, in which political leaders failed to agree on a new government.
Earlier this month, Prime Minister Najib Mikati successfully formed a new cabinet, whose mission focuses on halting the collapse and regaining local and international trust.
The new government has already started negotiating with the International Monetary Fund, from which Lebanon hopes to secure a bailout to help it rise back to its feet.