Since end of November 2019 until July 2021, the prices of all commodities, foodstuffs and consumer goods in Lebanon have risen sharply, leading to an increase by 455% in the monthly cost of 5-member family consumer basket, from LBP 450,000 to LBP 2.5 million.
Several reasons lie behind this increase, in particular:
-The high exchange rate of the dollar and other foreign currencies against the Lebanese pound, especially since 85% to 90% of the consumer goods are imported from abroad.
-The rising prices of some commodities abroad due to the lack of production caused by COVID-19 outbreak.
-The monopoly and willingness of merchants to make more profits in the absence of government oversight.
The rate of increase has differed from one commodity to another. The following is a list showing the rates of increase:
-Olive oil: 500%
-Vegetable oil: 131%
- Lentils: 475%
- Chickpeas: 600%
- Fish: 1,150%
-Dairy products: 500%
- Detergents: 420%
- Tissue papers: 300%
We have added the October 2019 prices of several types of a commodity then compared them to the July 2021 prices. Therefore, the above mentioned rates reflect a substantial rise in prices, which could differ from one type of commodity to another.
For instance, some types of tuna have increased in price by 200% while others by 550% and 800%, i.e. an average increase of 520%.