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FOOD PRICES

Food prices have begun to decrease in line with lira appreciation, says food importers' syndicate head

Food prices have begun to decrease in line with lira appreciation, says food importers' syndicate head

A worker operates a forklift at Bohsali food warehouse in Bchamoun. (Credit: Mohamed Azakir/Reuters)

BEIRUT — Hani Bohsali, head of the food importers’ syndicate, said in a statement Monday that “food importing companies have begun to introduce new prices in line with the lira-to-dollar exchange rate.”

Here’s what we know:

    • “We cannot put clear numbers for the decrease in prices, but there must be a decrease of about 10 percent,” Bohsali said in a televised interview.

    • Head of the supermarket owners' syndicate Nabil Fahd pointed out during an interview with Al Jadeed TV that supermarket prices are based on the supplier price lists. “There are [importing] companies that have handed us prices lower by 25 percent for some products. People have seen a decrease in prices of grains, meat, sugar, oil, yogurt and cheese.”

    • Bohsali expressed concern in the statement, saying that “the failure to curb the collapse of the lira and the dollar’s rising again will have strong negative repercussions on traders and consumers alike,” urging officials to abide by a rescue plan.

    • Since Friday, the lira has appreciated against the dollar on the parallel market, trading at just above LL24,000 on Monday, after it reached a record high of LL33,000 last week.

    • On Friday, Banque du Liban injected $41.5 million into the market.

BEIRUT — Hani Bohsali, head of the food importers’ syndicate, said in a statement Monday that “food importing companies have begun to introduce new prices in line with the lira-to-dollar exchange rate.”Here’s what we know:    • “We cannot put clear numbers for the decrease in prices, but there must be a decrease of about 10 percent,” Bohsali said in a televised...