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Lebanese inflation up 211.43 percent since May 2021

Lebanese inflation up 211.43 percent since May 2021

BEIRUT — Inflation in Lebanon hit 211.43 percent in May, according to the Central Administration of Statistics.

Here’s what we know:

  • The consumer price index reached its highest reading in May at 1177.99, increasing by 7.85 percent since April and by 211.43 percent since May of last year.

  • The largest monthly increase was recorded in the furnishing, household equipment category at 20.26 percent, followed by transportation at 12.63 percent and clothing and footwear at 12.43 percent. Food and non-alcoholic beverages increased by 11.43 percent.

  • Transportation and health showed the highest annual increases at 515.36 percent and 468.72 percent respectively, followed by water, electricity, gas and other fuels at 445.18 percent, and food and non-alcoholic beverages at 363.78 percent.

  •  The lira traded on average 15 percent weaker against the dollar in May relative to April, and its value more than halved since May 2021.

  • The Russian invasion of Ukraine continued to push commodity prices higher. Brent oil increased by 9 percent between April and May, and wheat increased by 3.7 percent.

  • Developed and developing countries are suffering from the impact of inflation, as central banks begin to raise interest rates to contain any negative spillover on their economies. On June 15, the US Federal Reserve raised rates by 0.75 of a percentage point, the largest Increase since 1994.

BEIRUT — Inflation in Lebanon hit 211.43 percent in May, according to the Central Administration of Statistics.Here’s what we know:  • The consumer price index reached its highest reading in May at 1177.99, increasing by 7.85 percent since April and by 211.43 percent since May of last year.   • The largest monthly increase was recorded in the furnishing, household equipment...