With the worsening financial and economic crisis in Lebanon and the proliferation of exchange rates without any oversight from the relevant ministerial authorities, the exchange rate of the dollar in supermarkets has joined the multiple rates determined by the interests and greed of traders and restaurants. In a tour of the supermarket, Lebanese shoppers notice that prices of goods continue to rise; whether the black market dollar has decreased or increased, it no longer serves as a reliable indicator for traders to set prices. Basic daily necessities, such as a block of cheese or a tub of labneh, have become luxuries due to their prices exceeding the capacity of an average middle-income family, raising questions about the role of regulatory agencies in price control and casting doubt on their effectiveness in preventing monopolies and manipulation by traders.
In an interview with "Al-Markaziyah," the President of the Consumer Association Zohair Barro confirms that "we are facing a situation of complete chaos in the country in the absence of standards that determine the mechanisms to be adopted regarding prices." He notes that without political and economic stability and in the absence of a new governing authority, the situation will remain unchanged. Barro, who acknowledges the lack of any immediate practical solutions to emerge from this chaos, believes that we are on the brink of total collapse. He clarifies that makeshift solutions during the current vacuum will not lead us out of the crisis, and thus citizens should not expect a decrease in prices linked to a drop in the dollar, as the situation continues to deteriorate as long as the same class leading the ship is the one that sank it.
Amid this dire reality, Barro emphasizes the need to establish a climate of stability, regain trust in the economy, and control the chaos, particularly related to the types of goods flooding the Lebanese market, which may somewhat help lower prices. He believes that current oversight is insufficient to carry out this task given the current situation in Lebanon.
In contrast to the cries from the Consumer Association, there are fears of escalating price crises in the markets. Most economic analysts confirm that the dollar exchange rate in supermarkets has reached about 47,000 lira and is likely to rise in the coming days if the black market dollar continues at the same pace, having almost crossed the 40,000 lira mark. This is a dangerous indicator that could "erode" social assistance and the recent salary increases.
