Lebanon’s inflation nightmare intensifies amid economic crisis

Lebanon’s inflation nightmare intensifies amid economic crisis

Lebanon witnessed another dramatic inflation surge in August as the political and financial crisis continued with no solution in sight, deepening the misery of the country's growing number of poor.

Consumer prices rose an annual 120 percent, compared to 112.4 percent in July and just under 90 percent in June, according to new data released by the official Central Administration of Statistics.

Inflation was below 20 percent as recently as March.

Price growth is soaring to levels last seen in the aftermath of the country's civil war three decades ago after Lebanon's currency depreciated sharply on the black market and made imports more expensive.

Politicians have failed for five weeks to form a new government capable of finding solutions to the economic and financial crises, even after a devastating explosion in Beirut on August