Year-on-year transportation costs skyrocket more than 350 percent in September

BEIRUT – Inflation in Lebanon had increased by 144.12 percent year over year as of September, the most recent data from Lebanon’s Central Administration of Statistics show.

Here’s what we know:

    • September marked the 15th straight month that the consumer price index has clocked triple-digit annual growth. The index measures inflation by recording the fluctuation in prices of a basket of goods and services commonly used by consumers.

    • Transportation costs had skyrocketed by 356.91 percent year on year as of September. The soaring prices coincide with the state’s decision to bring fuel subsidies almost entirely to an end, causing the cost of 20 liters of petrol to rise to more than LL300,000 — nearly half the monthly minimum wage — and rendering it unaffordable for many Lebanese.

    • The price of food and nonalcoholic beverages had risen 280.86 percent year on year, while the costs incurred at restaurants and hotels increased by 293.36 percent

    • The cost of water, electricity, gas and other fuels shot up by 182.44 percent year on year, according to the CAS data.

    • Health care prices increased by 212.08 percent year over year.

    • The task of pulling Lebanon out of its financial crisis will now fall on Prime Minister Najib Mikati, whose “Together for the Rescue” government gained confidence in September after more than a year of political deadlock among Lebanon’s fractious leaders.