An employee preparing bread in a bakery in Lebanon. (Credit: Illustrative photo form NNA)
Economy Minister Amer Bisat issued a decision Tuesday reducing the price of a bundle of bread in bakeries from LL75,000 ($0.84) to LL70,000 ($0.79).
"I issued a decision today to reduce the price of a bundle of bread, making the consumer price in bakeries LL70,000 instead of LL75,000," Bisat wrote on X.
"This decision comes in line with the decline in costs and global fuel prices, and it is consistent with what we announced yesterday, namely that any increase in prices must be matched by a corresponding decrease when costs go down," he added.
However, the price remains higher than at the beginning of the war, when it was fixed at LL65,000 in bakeries.
The regional war between Iran and the United States, which led to the closure of the Strait of Hormuz, affected fuel prices, which in turn affected the cost of flour, transportation, nylon and raw materials. Oil prices have fallen significantly in May and June amid progress in U.S.-Iran negotiations and the signing of the memorandum of understanding.
