Lebanon’s Consumer Prices Increase 171% in 2022

Consumer Price Index in Lebanon registers drastic increase in December 2022

Lebanese authorities report that the nation’s Consumer Price Index (CPI) increased from 171% in 2021 to 122% in December 2022, a 7% increase from the previous month.

According to the Central Statistics Administration, amongst the key sectors driving this increase was telecommunications, which doubled (312%) compared to the same month of the 2021. This was likely driven by the establishment of new official rates for the sector linked to the exchange rate on the ‘Sayrafa’ platform of the Central Bank, at 38,000 units for one US dollar.

In the unofficial black market, however, the exchange rate of the Lebanese pound was already at 50,000 units per dollar – which has significantly affected the cost of basic goods and services. As a result, the costs of water, electricity, gas and other fuels in December 2022 saw growth of 148%, while health and food items increased by 167% and 143% respectively.

The country has been enduring a serious economic crisis since 2019, and the situation was only further deteriorated by government inaction amidst an over seven month period without an executive, and now nearly three months without a head of state.

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