According to the Central Administration of Statistics (CAS), the Consumer Price Index (CPI), representing the evolution of goods and services’ prices consumed by households, revealed that Lebanon’s inflation rate registered another high level of 253.55%. Undoubtedly, inflation remained historically high driven by first and foremost crowded tourism season which pushed prices up, higher customs dollar rate as well as dollarizing of most of day to day expenses.
In details, the cost of “Housing and utilities”, inclusive of water, electricity, gas and other fuels (grasping 28.4% of the CPI) added a yearly 207.69% by June 2023. Also, “Owner-occupied” rental costs increased by 279.30% year-on-year (YOY) and the prices of “water, electricity, gas, and other fuels” followed a significant increase by 149.04% YOY.
Looking at the prices of “Food and non-alcoholic beverages” (20% of CPI), it surged by 279.54% yearly. In turn, the average prices of “Transportation” (13.1% of the CPI) and “Health” (7.7% of the CPI) recorded hikes of an annual 217.84% and 284.27% respectively by June 2023. Also, “Restaurant and Hotels” (2.8% of CPI) increased yearly by 340.47% by June 2023.
In the same token, costs of “Clothing and Footwear” (5.2% of CPI) surged by 279.15% by June 2023, and the prices of “Communication” (4.5% of the CPI) increased by 602.23% as mobile phone bills are currently charged in dollars at Sayrafa rate.
Finally, prices of “Furnishings and household equipment” (3.8% of CPI), “Alcoholic beverages and tobacco” (1.4% of CPI), and “Recreation, amusement, and culture” (2.4% of the CPI) increased by 273.09%, 392.63%, and 220.47%, respectively, by June 2023.
Inflation rate by June 2023
Source: CAS, BLOMINVEST
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