The World Bank shared its assessment of the top 10 countries hit the hardest by food price inflation, where Lebanon ranked 2nd.
Lebanon’s food inflation prices have increased by 208%. This is primarily due to the country’s ongoing economic crisis and the hyperinflation of the Lebanese Lira. This is also amplified by the ongoing Russian invasion of Ukraine.
The official rate of the Lebanese Lira to the dollar is still at 1,500LL to the dollar. However, the Lebanese Central Bank (BDL) is set to adopt the exchange rate of $1 = 15,000LL in February 2023, while the black market rate of the Lira has reached 40,000LL.
