The Le Mall shopping center in Dbayeh, Dec. 29, 2024. (Illustration photo/L'Orient Le-Jour)
It's official. Inflation in Lebanon has returned to double-digit growth rates in 2024, following three years in which the rate fluctuated between 100 percent and 300 percent.Recent calculations of the consumer price index (CPI) by the Central Administration of Statistics, released on Tuesday, show the average annual inflation rate (over 12 months) at 45.24 percent. This figure is nearly 80 points lower than the 222.42 percent recorded in 2023. The organization, affiliated with the president's office of cabinet, reported inflation at 171.2 percent in 2022 and 154.8 percent in 2021, as the Lebanese lira gradually lost 90 percent of its value since the onset of the crisis in 2019. This dramatic depreciation drove CPI to those record highs. Read more Year-end holidays: A breath of fresh air for Lebanese merchants after a stressful year ...
It's official. Inflation in Lebanon has returned to double-digit growth rates in 2024, following three years in which the rate fluctuated between 100 percent and 300 percent.Recent calculations of the consumer price index (CPI) by the Central Administration of Statistics, released on Tuesday, show the average annual inflation rate (over 12 months) at 45.24 percent. This figure is nearly 80 points lower than the 222.42 percent recorded in 2023. The organization, affiliated with the president's office of cabinet, reported inflation at 171.2 percent in 2022 and 154.8 percent in 2021, as the Lebanese lira gradually lost 90 percent of its value since the onset of the crisis in 2019. This dramatic depreciation drove CPI to those record highs. Read more Year-end holidays: A breath of fresh air for Lebanese merchants after a stressful year ...