Lebanon inflation flies past 100% as economy continues its free falling
Consumer prices rose an annual 112.4 percent, Price growth is soaring
Lebanon suffered another dramatic blow as inflation surge in July mirroring the country’s financial meltdown with no end in sight.
Consumer prices rose an annual 112.4 percent, compared with just under 90 percent in June, according to data released by the official Central Administration of Statistics on Wednesday.
Inflation was below 20 percent as recently as in March.
Price growth is soaring to levels last seen in the aftermath of the country’s civil war three decades ago after Lebanon’s currency depreciated sharply on the black market and made imports more expensive. Politicians remain at loggerheads over solutions to the economic and financial crises even after a devastating blast in Beirut earlier this month.
