Lebanon’s Inflation Soars to 4,667% Since 2019, Says Bank Audi Report
Lebanon’s economic turmoil continues to deepen, with the latest report from Beirut-based Bank Audi revealing a staggering 4,667% cumulative inflation since September 2019. In its Lebanon Weekly Monitor report released on Monday, the bank disclosed that the Consumer Price Index (CPI) saw a sharp increase of 300.6% in June 2023, compared to the same period last year.
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All nine major CPI indices recorded increases, with housing leading the pack at a staggering 1,392.6%, followed by other goods and services at 761.6%, health care at 644.3%, recreation at 430.7%, and apparel at 303%. The food and beverages index also rose significantly by 232.6% year-on-year since June 2022.
Lebanon has been engulfed in its most severe financial crisis ever, exacerbated by a shortage of US currency reserves. The dearth of funds has led to the collapse of the Lebanese pound and triggered a severe rise in inflation. The alarming figures underline the urgent need for financial reforms and international support to stabilize the country’s economy.
