Lebanon ranks 3rd most hit by food inflation: report

Lebanon ranks 3rd most hit by food inflation: report

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2023-02-06 | 08:55

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Lebanon ranks 3rd most hit by food inflation: report

Lebanon has been witnessing a deep economic crisis after years of corruption and financial mismanagement for nearly three years. This led many of Lebanon's population to face rising food security.

According to the World Bank's latest food security update, Lebanon ranked third globally, recording 143 percent in nominal food inflation.

Based on the report, the world's domestic food price inflation remains high, as information between September and December 2022 shows high inflation in almost all low-income and middle-income countries.  

According to the report, the MENA region has high food inflation due to local currency depreciation.   

In January, the Lebanese lira (LBP) depreciated against the U.S. dollar on the informal market. Its value decreased by more than 10 percent, reaching approximately 47,400 LBP per USD by the second week of the month.  

November's Consumer Price Index (CPI) showed a month-to-month increase from 1,847.5 points in October 2022 to 1,916.5 points in November, as the Lebanese food inflation rate decreased from 203.2 percent to 171.2 percent even though food inflation projected an increase because of the currency depreciation earlier this year.   

Additionally, the report stated that as a response to the currency depreciation, Lebanon's