Lebanon records triple-digit inflation for 25th consecutive month – The National

Lebanon records triple-digit inflation for 25th consecutive month – The National

Lebanon recorded its 25th consecutive month of triple-digit inflation as the country continues to deal with a political deadlock over the formation of a new Cabinet nearly four months after parliamentary elections amid its worst economic crisis in decades.

Inflation rose to 168 per cent in July from the same month a year earlier, according to Lebanon's Central Administration of Statistics' Consumer Price Index. The index increased 7.4 per cent from June 2022.

As in earlier months, the surge in inflation is a result of the lack of monitoring of retail prices, the fluctuation of the Lebanese pound's exchange rate on the parallel market, the gradual end of subsidies on hydrocarbons and the smuggling of imported goods that has led to supply shortages locally while raising prices, Byblos Bank said in a note.