The Central Statistics Department in Lebanon issued the monthly price index, calculating the prices of goods and services consumed by the Lebanese household to analyze the economy by measuring inflation rates of the Lebanese pound.
Lebanon’s annual inflation in January 2022, hits the record 239.69%. Transportation prices have soared by 541%, food and beverages up 483%, Health prices increased by 444%, and consumer prices soared by 7.69% in January.
That is “despite central bank dollar injection scheme to bolster the lira,” commented Said Omar Tamo, a Lebanese Financial journalist.
Lebanon’s annual inflation rates jumped to a new record high in January of 2022 after being 224.39% in December 2021, mainly increasing the prices of:
- housing & utilities (104.14% vs 103.08%)
- food & non-alcoholic beverages (483.15% vs 438.65%)
- transport (541.42% vs 522.39%)
The shocking inflation of prices of goods came amid a sharp depreciation of the Lebanese pound, a severe political crisis, persistent deterioration of the economy, and the stalling of the ruling body to implement urgent reforms.
Lebanon continues to ineffectively battle its way through the economic collapse, on its own, as the International Community, including the IMF and the Arab Gulf States, are adamant to see serious initiatives of reform in order to lend their financial support.
