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Inflation in Lebanon jumps above 100 percent year on year in July

Business

Inflation in Lebanon jumps above 100% year on year in July

Image: Reuters

The latest official data showed that the inflation rate in Lebanon jumped to 112.4 percent year on year in July amid an economic collapse, even before the devastating explosion that hit the Beirut port and exacerbated a deep financial crisis.

According to Professor Steve Hankey, professor of applied economics at Johns Hopkins University, Lebanon became the first country in the region to suffer from hyperinflation in July, according to (Reuters).

The latest official data showed that the inflation rate in Lebanon jumped to 112.4 percent year on year in July amid an economic collapse, even before the devastating explosion that hit the Beirut port and exacerbated a deep financial crisis.

According to Professor Steve Hankey, professor of applied economics at Johns Hopkins University, Lebanon became the first country in the region to suffer from hyperinflation in July,

Figures from the State Administration of Statistics showed that inflation in Lebanon, whose plight has worsened since it defaulted on sovereign debt in March, rose to 89.74 percent year on year in June from 56.53 percent in May.

The consumer price index rose 11.42 percent in July compared to the previous month.

A Lebanese official source said last week that the central bank could support fuel, wheat, and medicine for only three months as foreign exchange reserves continued to dwindle, which had already fallen to critical levels.

Central Bank governor Riad Salameh said in comments Tuesday that the central bank could not use its reserve requirement to finance trade once it reached a minimum.

It is worth noting that the talks with the International Monetary Fund about a financial rescue are stalled due to the lack of progress towards reforms that Lebanon’s creditors have long demanded to overcome corruption, mismanagement, and an internal dispute over the size of huge financial losses.

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