A supermarket in Lebanon. Credit: M.A.
BEIRUT — After hitting the double-digits in March for the first time since June 2020, the annual growth of the Consumer Price Index (CPI) continued to slow down in April for a second consecutive month.
The CPI, a measure of inflation, recorded an annual growth rate of 59.67 percent (compared to 70.36 percent in the previous month), while the monthly change stood at 1.74 percent (a slight increase from the 1.72 percent recorded in March), according to the latest data from the Central Administration of Statistics published on Tuesday.
The exchange rate has remained stable since April 2023, hovering at around LL89,500 to the dollar despite the uncertainty and conflict in southern Lebanon.
The economy has also become increasingly dollarized with prices almost back to their pre-2019 levels across the board, which could explain the slowdown of inflation in the second quarter of 2024.
Still, some prices continue to rise with clothing and footwear prices increasing by 6.09 percent month-to-month, water and electricity prices up by 3.56 percent, restaurants and hotels prices up by 3.21 percent, and transportation prices up by 3.07 percent.
Prices increased somewhat evenly throughout Lebanon, with the North recording the highest monthly increase of 2.57 percent, followed by the South with an increase of 2.47 percent, Mount Lebanon at 1.56 percent, Beirut with 1.49 percent, Nabatieh with 1.55 percent and Bekaa at 1.11 percent.