The president of the Syndicate of Bakeries and Ovens in Beirut and Mount Lebanon, Nasser Sorour, announced that the main reason for the increase in the price of a loaf of bread by 4,000 Lebanese pounds, from 43,000 to 47,000 Lebanese pounds in bakeries, is due to a sudden rise in the price of a ton of flour by 4 million and 686 thousand pounds. He pointed out that this increase in the subsidized flour is due to its pricing at the rate of 30,000 pounds per dollar instead of 15,000 Lebanese pounds. He stated, "This increase is natural since the exchange rate of the dollar and the prices of raw materials have not changed upward or downward, but rather the gradual increase in the price of flour from $1,500 to $7,500 to $15,000, reaching $30,000, is essentially a mathematical operation involving the Ministries of Economy and Finance and the Central Bank of Lebanon."
He confirmed that "all components of the loaf of bread are not subject to any support from the Ministry of Economy, except for the subsidized flour, which will be priced starting tomorrow at the exchange rate of 30,000 pounds." Regarding the lifting of subsidies, he said, "There is no lifting of support in sight before the fifth month of 2024. Therefore, it is necessary to expedite the implementation of the financing card project to be distributed to Lebanese families affected directly or indirectly, especially public sector employees, foremost among them the military, in addition to all those who still receive a monthly or daily salary in Lebanese pounds that does not align with the crazy rise in the exchange rate of the dollar, whether in the public or private sector."
Sorour also highlighted that "the Ministry of Economy, in coordination with the Ministry of Social Affairs, municipalities, and security agencies, is capable of producing a data set subject to verification that identifies families in need of the financing card for bread." He concluded: "We are ready to cooperate with everyone to ensure that the financing card sees the light before the complete lifting of support for the loaf of bread." Thus, the flour and bread market competes with Wall Street in its rise.
