After the new Lebanese government was formed last week, the Lebanese pound gained traction against the U.S. dollar on the black market, and the effects of that are already manifesting in supermarkets.
Since the government announcement was made on Friday, there have been talks that prices have continued to rise despite the positive shift in the currency trade.
Addressing this, the head of the Syndicate of Supermarket Owners, Nabih Fahed, told local media on Wednesday that suppliers have started to send new price lists with reduced prices for goods, adding that the prices of thousands of items have already started to drop.
In fact, compared to last week, prices have dropped by between 5% and 15% this week, he told Al-Joumhouria.
The price drops are particularly noticeable in the case of grains that are priced in U.S. dollars, Fahed said.
Other products, such as cleaning solutions, have also dropped in price, depending on the brands.
Merchants across the country are now forced to lower their prices to avoid losing customers to the competition, according to Fahed. “Therefore, all traders are forced to abide by the price level imposed by the market,” he said.
Since its significant rise against the dollar on Friday, the Lebanese pound has maintained a value of about LBP 15,000/USD.
