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:

-Bread: 184%

-Olive oil: 500%

-Vegetable oil: 131%

-Sugar: 500%

-Rice: 575%

- Lentils: 475%

- Chickpeas: 600%

-Beans: 500%

-Tuna: 520%

- Fish: 1,150%

-Meat: 800%

-Chicken: 566%

-Eggs: 775%

-Dairy products: 500%

- Detergents: 420%

- Tissue papers: 300%

Methodology:

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%.