57 Times: Price Inflation Between 2019 and 2024

This price increase occurred over the period from the end of December 2018 to the end of January 2024, a span of five years and one month, negatively impacting the purchasing power of families residing in Lebanon. A large number were forced to forgo basic needs such as education and health to allocate resources for more essential goods like food and shelter, according to "Al-Akhbar." The increase was caused by the collapse of the lira's value against the dollar, from around 1,500 lira to 89,000 lira per dollar, in addition to a wave of global price inflation that began in early 2022, and finally internal dollar inflation, as domestic consumption prices rose in dollar terms. This is clearly illustrated in recent months that witnessed a relatively stable exchange rate (not exceeding 90,000 lira per dollar), while the price index continued to rise steadily. The largest items that experienced price hikes were restaurants and hotels, which inflated 280 times, followed by food items, which inflated 225 times. Rent was the least affected item according to the Central Statistics Index, which may not seem accurate since, in reality, rental prices have returned to levels seen before the crisis, according to "Al-Akhbar."