A man carries empty water cans down a street in Beirut. (Credit: AFP)
Lebanon has faced triple-digit inflation for the past three years.
But what does it mean for the average customer when we say that the annual inflation rate reached 171% in 2022?
Our minds can struggle to grasp these numbers.
That’s why L’Orient Today decided to use one of our most vital goods — drinking water — to help visualize Lebanese hyperinflation.
Local producers have been scurrying to keep up with the lira’s rapid fluctuation on the black market rate and the increasing costs of raw materials, such as the plastic used for water bottles. The vast majority of these raw materials are imported and therefore, priced in US dollars.
Consumers, consequently, have to continually reconfigure their understanding of the cost of common goods.
The lira price of a gallon of water is now 40 times what it was in 2019, but its dollarized price has actually become cheaper.
How can this be? Watch our video.
Remember, drinking water is never free in Lebanon.
As of May 8, 2023, a gallon of water is priced in dollars, at $ 2. People can pay in lira, at the black market exchange rate.