According to the latest data published by the Central Administration of Statistics (CAS) Average consumer prices in Lebanon rose by 2.45% year-on-year (YOY) by October 2019, compared to a rigorous rate of 6.31% YOY, registered by October 2018. In fact, the monthly inflation rates since January 2019 had eased compared to last year’s figures. Nonetheless, average inflation is expected to rise by the end of 2019/2020, as a result of a materialization of the demonstrations that erupted in Lebanon since October 17th 2019.
The first 10 months of the year witnessed annual upticks registered across the main components of the consumer price index (CPI), except for Transportation and Health. In details, the average costs of “Housing and utilities”, including: water, electricity, gas and other fuels (grasped a combined 28.4% of CPI) added a yearly 1.59% by October 2019. In fact, average “Owner-occupied” rental costs (13.6% of this category) grew by a yearly 2.28%. In turn, the average prices of “water, electricity, gas, and other fuels” (11.8% of housing & utilities) recorded a yearly uptick of 0.48% over the same period.
Moreover, the average prices for “Food and non-alcoholic beverages” (20% of the CPI) and “Education” costs (6.6% of CPI) registered annual upticks of 3.6% and 5.01%, respectively, by October 2019. In turn, the average prices of “Clothing and Footwear” (5.2% of the CPI) climbed by a noticeable 13.80% YOY in the first ten months of the year.
Meanwhile, the average consumer prices of “Health” (7.7% of the CPI) and “Transportation” (13.1% of the CPI) declined by a yearly 0.58% and 1.1%. The drop witnessed in the latter component can be attributed to average oil prices slipping from last year’s $73.6/barrel by October 2018, to this year’s $64.2/barrel by October 2019.