Lebanon Inflation Higher than Zimbabwe and Venezuela

Lebanon’s inflation rate is now the highest in the world, surpassing Zimbabwe and Venezuela, as the country struggles with a financial meltdown.

The consumer price index in Lebanon experienced a yearly change of 137.8 percent in August this year, from 123.4 percent last year, with food prices surging by 20 percent from July to August.

The political and economic crisis in Lebanon has been spiraling out of control after a 13-month political vacuum where authorities failed to agree on a new government.

The Lebanese pound lost about 90 percent of its value over the year, poverty doubled from 48 percent 2019 to 82 percent in 2021, and the country has defaulted on $30 billion of Eurobonds last year.

Prime Minister Najib Mikati and the new government has been negotiating with the International Monetary Fund for a bailout, as Lebanon’s central bank runs out of cash to pump the economy.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.