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 251.53%.Certainly, inflation has maintained historically elevated levels due to the predominant surge in tourism during the peak season, resulting in escalated prices. Additionally, the increased customs dollar rate and the widespread adoption of dollarization for everyday expenditures in Lebanon have further contributed to maintain this upward trend in prices.
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 233.81% by July 2023. Also, “Owner-occupied” rental costs increased by 322.74% year-on-year (YOY) and the prices of “water, electricity, gas, and other fuels” followed a significant increase by 161.24% YOY.
Looking at the prices of “Food and non-alcoholic beverages” (20% of CPI), it surged by 278.50% 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 222.34% and 257.31% respectively by July 2023. Also, “Restaurant and Hotels” (2.8% of CPI) increased yearly by 301.87% by July 2023.
In the same token, costs of “Clothing and Footwear” (5.2% of CPI) surged by 273.19% by July 2023, and the prices of “Communication” (4.5% of the CPI) increased by 475.44%.
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 268.32%, 380.10%, and 167.66%, respectively, by July 2023.
Inflation rate by July 2023
Source: CAS, BLOMINVEST
This article is a research document that is owned and published by Blominvest Bank SAL.
No material from this publication may be modified, copied, reproduced, repackaged, republished, circulated, transmitted or redistributed directly or indirectly, in whole or in any part, without the prior written authorization of Blominvest Bank SAL.
The information and opinions contained in this document have been compiled from or arrived at in good faith from sources deemed reliable. Neither Blominvest Bank SAL, nor any of its subsidiaries or affiliates or parent company will make any representation or warranty to the accuracy or completeness of the information contained herein.
Neither the information nor any opinion expressed in this research article constitutes an offer or a recommendation to buy or sell any assets or securities, or to provide investment advice.
This research article is prepared for general circulation and is circulated for general information only.