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 229.85%. Certainly, inflation has been persistently elevated though it slightly came lower in August compared to July 2023, however it remains driven by overall high prices across various sectors given the fact of the adoption of dollarization for everyday expenditures and the increased customs dollar rate that played a pivotal role in sustaining 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 232.84% by August 2023. Also, “Owner-occupied” rental costs increased by 322.02% year-on-year (YOY) and the prices of “water, electricity, gas, and other fuels” followed a significant increase by 155.42% YOY.
Looking at the prices of “Food and non-alcoholic beverages” (20% of CPI), it surged by 274.24% 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 230.78% and 235.08% respectively by August 2023. Also, “Restaurant and Hotels” (2.8% of CPI) increased yearly by 269.33% by August 2023.
In the same token, costs of “Clothing and Footwear” (5.2% of CPI) surged by 249.30% by August 2023, and the prices of “Communication” (4.5% of the CPI) increased by 135.24%.
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 212.56%, 359.36%, and 154.74%, respectively, by August 2023.
Inflation rate by August 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.