According to the Central Administration of Statistics report, the total number of consecutive triple-digit inflation readings in Feb and March was 21. (Photo M.A.)
BEIRUT — The Consumer Price Index resumed its upward trend in March, rising 6.1 percent since February and bringing the total number of consecutive triple-digit annual inflation readings to 21 — this according to a report from the Central Administration of Statistics.
Here’s what we know:
• Against a base level of 100, set in December 2013, the index recorded 1019.81 in March against a reading of 961.15 in February and 992.24 in January.
• The index briefly dipped by 3.13 percent in February, after the central bank managed to stabilize the Lebanese lira around LL20,500 to the US dollar. However Russia’s war on Ukraine sent commodity prices skyrocketing with international wheat prices and oil prices ending higher by more than nine percent and eight percent respectively, for the month.
• The lira also weakened by 7.5 percent during the month, from an average reading of LL20,900 to the US dollar in February to LL22,600 to the US dollar in March, contributing further to the overall increase in inflation.
• Year-on-year prices rose 208.13 percent with transportation prices rising the most by 488.85 percent. Food and non-alcoholic beverages recorded an increase of 390.38 percent, Water, electricity, gas and other fuels increased by 388.57 percent, Restaurant and hotel prices increased by 349.95 percent and healthcare costs registered a rise of 441.22 percent.
• Less steep increases were noted for telecommunications and education, at 8.82 percent and 36.21 percent respectively.
• Monthly increases were noted for fuel and water, at 10.59 percent, followed by food, at 9.68 percent, and transportation, at 9.58 percent.
• Increases were observed across the entirety of the country. In the South of Lebanon there was a 10.21 percent increase, with Nabatieh registering a 9.8 percent rise. Bekaa saw a 7.64 percent rise. Beirut noted a 5.14 percent increase. North Lebanon had a 5.57 percent increase and Mount Lebanon was the least affected, showing a 5.02 percent increase.
• The impact of Russia's invasion of Ukraine was felt across multiple regions, with annual inflation in the US surging to a four-decade high of 8.5 percent, while the European Union rose by 7.4 percent in the month of March.