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FinancialNews
25-05-22
Lebanon deals with worst economic crisis, inflation hits 206 percent in April
(MENAFN) Hyperinflation in Lebanon sustained last month as the nation arises from parliamentary votes that need the future administration to put in place numerous improvements accepted by the withdrawing Cabinet, in order to secure USD3 billion from the International Monetary Fund that is going to support save its economy.
Inflation in the nation, which deals with its worst financial catastrophe since its independence in 1943, increased to 206 percent in April, against the same time 2021.
This is the 22nd repeated triple-digit surge of the Central Management of Statistics' Consumer Price Index since July 2020, the index rose 7.1 percent from the previous month (march 2022).
On Tuesday, Byblos Bank stated in a letter that “The inability of the authorities to monitor and contain retail prices … the deterioration of the Lebanese pound's exchange rate on the parallel market and the gradual lifting of subsidies on hydrocarbons … have encouraged opportunistic wholesalers and retailers to raise the prices of consumer goods disproportionately.”
MENAFN25052022000045014228ID1104271181
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