Lebanon'S Inflation Rate Rose 120% Year On Year In August, And Clothing Prices Rose 513%

Lebanon's consumer price index (CPI) rose by 58.1% in the first eight months of 2020, and the inflation rate in August increased by 120% over the same period last year, with food and beverage prices rising by 467% and clothing prices rising by 513%, according to local media reports.

Some analysts point out that the surge in inflation is the result of the government's inability to control prices and the rapid depreciation of the pound. Due to the gradual depletion of foreign exchange reserves, the Central Bank of Lebanon plans to stop subsidies for nearly 200 basic commodities, such as fuel, wheat and medicine, which may push the consumer price index higher.