Lebanon’s Inflation Hits High of 251.53% By July 2023

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

Lebanon’s Inflation Hits High of 251.53% By July 2023


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