Inflation in Lebanon
Lebanon - InflationThe economy is in a dire state, amid political instability, a financial crisis and acute shortages of fuel and other basic goods. While a surge in tourist arrivals in recent months has likely provided slight relief, the private-sector PMI was still entrenched in contractionary territory through September amid lower output and new orders. Moreover, the latest developments have been discouraging. In October, the country’s two main power plants closed temporarily due to a lack of fuel, while sectarian violence flared up in Beirut, leaving several people dead. In addition, Hezbollah has called for the removal of the judge charged with investigating the August 2020 port explosion, leading to the suspension of cabinet meetings. This is delaying badly needed reforms and the arrival of foreign aid, and has also weighed heavily on the parallel-market pound, which will fan hyperinflation ahead.
Lebanon - Inflation Data
|Inflation Rate (CPI, annual variation in %)||-3.7||-0.8||4.4||6.1||2.9|
5 years of economic forecasts for more than 30 economic indicators.
|Exchange Rate||1,513||0.0 %||Dec 31|
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June 22, 2020
Economic conditions have deteriorated significantly in recent months amid spiraling inflation, the Covid-19 pandemic and sociopolitical instability, after the country defaulted on its debt for the first time ever in March.