Lebanon's inflation rate rises by 112.39 pct in July
Source: Xinhua | 2020-08-27
Consumer prices in Lebanon increased by 112.39 percent in July compared with the same month last year, the National News Agency reported.
Meanwhile, consumer prices in July increased by 11.42 percent from June.
Lebanon has witnessed an unprecedented increase in inflation this year due to the shortage in U.S. dollar in the country which increased demand on the foreign currency while weakening the Lebanese pound.
The shortage in U.S. dollar prompted banks to impose unofficial capital control preventing depositors including individuals and companies from withdrawing their money from banks.
Companies have started buying U.S. currency in the black market at a very high rate which drove them to increase their prices to make up from the high cost of U.S. dollar.
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