Lebanon crisis: Government again raises price of bread

Lebanon crisis: Government again raises price of bread

BEIRUT — For the seventh time in a year, Lebanon’s economy ministry announced on Saturday new prices for bread, slowly removing subsidies as the country sinks deeper into a dire economic and political crisis. 

The ministry said raising the price was necessary as the national currency continues to slide against the dollar, making imports of basic supplies including fuel and wheat more expensive. The currency, pegged to the dollar for nearly 30 years at 1,500 to the dollar, has lost over 90% of its value. It is now trading at nearly 20,000 Lebanese pounds to the dollar.