Lebanon's inflation rate rose dramatically, reaching 251.5 percent year-on-year in July.
Inflation continues its crazy upward trajectory as the lira (the country's currency) is witnessing a dramatic decline in its purchasing value, since it fell by 90 percent in February, after the adoption of a new exchange rate of 15,000 LL against the dollar instead of 1,500 LL.
Figures released by the Central Administration of Statistics on the consumer price index in July showed that food prices, which account for 20 percent of the consumer price index, rose by 279 percent, while the prices of housing, water, electricity, gas, and other fuels - weighing 28 percent - rose by 234 percent.
Source (Al-Asharq Al-Awsat Newspaper, Edited)
