Lebanon’s inflation rates have skyrocketed in recent months as the country fails to tackle one of the worst economic depressions the world has ever seen.
Lebanon’s inflation rate has become the highest in the world, according to Bloomberg, as the country’s economic crisis continues to worsen.
The consumer price index rose 137.8% from a year ago in August, down from 123.4% in July, according to the Lebanese Central Statistics Administration.
The rate means Lebanon has overtaken long-suffering Venezuela and Zimbabwe in terms of inflation, Bloomberg reported on Tuesday.
In addition, consumer prices in Lebanon increased 10.25 percent from last month and food prices increased 20.82 percent.
The Lebanese economy has collapsed in the past two years, leaving 74% of the population living in poverty, according to the United Nations. Its central bank has almost exhausted its reserves.
The depletion of foreign exchange has resulted in worsening shortages of basic commodities such as fuel and medicine in the past two months.
After a year of political stalemate, Lebanese leaders agreed on a new government on Friday, paving the way for a resumption of talks with the International Monetary Fund (IMF).
Lebanon’s finance ministry said last week that the central bank would receive $ 1.135 billion in the form of the IMF’s reserve currency on September 16, the Special Drawing Rights (SDRs).
SDRs are made up of $ 860 million from 2021 and $ 275 million from 2009, according to a ministry statement.