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Inflation in Lebanon has increased by 158.46% within a span of ten months, from January to October 2022, according to the Central Administration of Statistics’ Consumer Price Index.
This hyperinflation is due to Lebanon’s ongoing economic crisis that began at the end of 2019 due to the country’s political deadlock and the devaluation of the Lebanese Lira.
As a result of Lebanon’s deteriorating financial state, the cost of living and the prices of basic necessities have skyrocketed approximately triple the prices.
In an assessment released by the World Bank at the end of November, Lebanese was ranked second in the top 10 countries hit the hardest by food price inflation.
The rate of the Lebanese Lira has surpassed 40,000LL to the dollar while the official exchange rate remains at 1,500LL, which is expected to change next February.
Lebanon’s economy needs approximately $70 billion to be revived and prevent further decline. However, this has been difficult to achieve due to the nation’s political deadlock.