According to the Central Administration of Statistics (CAS), Lebanon’s average inflation rate rose by 4.34% by August 2017 compared to an average deflation rate of 2.05% by Aug. 2016.
The average costs of “Housing and utilities” (including: water, electricity, gas and other fuels), which grasped a combined 28.4% of the Consumer Price Index (CPI), rose by 5.72% year-on-year (y-o-y) by Aug. 2017. In details, “Owner-occupied ” rental costs constituted 13.6% of this category and increased by 3.8% y-o-y. As for the average prices of “Water, electricity, gas, and other fuels”(11.8% of the Housing & utilities component), they rose by an annual 11.82% over the same period.
In turn, the average prices for “Food and non-alcoholic beverages” (constituting 20% of the CPI) and “Education” costs (6.6% of CPI) registered yearly upticks of 3.38% and 2.67% by Aug. 2017. The average price of “Transportation” (grasping 13.1% of the CPI) gained an annual 5.72%, which can be attributed to the recovery in the average international price of oil to $52.14/barrel by Aug. 2017 compared to $42.65/barrel by Aug. last year. Nevertheless, average “Health” costs (7.7% of the CPI) slipped by 0.81% y-o-y over the same period.
In Aug. 2017, the CPI grew by 5.10% compared to August of last year. The increase was driven by the annual upticks of 4.85% and 4.87% in the two largest CPI components “Housing and utilities” and “Food and non-alcoholic beverages”. The “Clothing and Footwear” component of the CPI also rose by 12.20% y-o-y during the month.
Average Inflation Rates by August