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According to Bloomberg data, Lebanon’s annual inflation rate is the highest in the world.
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As the financial crisis in the Middle East worsens, Lebanon’s annual inflation rate has risen to the highest among all countries tracked by Bloomberg, surpassing Zimbabwe and Venezuela.
According to the Lebanese Central Bureau of Statistics, the consumer price index rose by 137.8% year-on-year in August, compared with 123.4% in July. Consumer prices rose by 10.25% month-on-month, and food prices rose by 20.82%.
Inflation in Lebanon has soared in the past two years, as the country’s financial and economic crisis has gotten out of control, and politicians have hardly taken any measures to mitigate its impact. The currency has depreciated by nearly 90%, and three-quarters of the residents have fallen into poverty.
The authorities have begun to reduce subsidies in recent months because most commodities are now priced at black market exchange rates. The central bank ran out of cash and repeatedly warned the government to continue to provide subsidies.
After nearly 13 months of paralysis, the billionaire and former prime minister Najib Mikati formed a new government, seeking to resume deadlocked rescue negotiations with the International Monetary Fund and creditors to restructure debt. Lebanon defaulted on US$30 billion of Eurobonds last year.
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