Economy

Rising Prices: Who is Monitoring Them?

Rising Prices: Who is Monitoring Them?

Traders and supermarket owners in the North did not wait for the official implementation of the decision to raise the customs dollar at the beginning of December. Instead, they hastily increased food prices even before the beginning of this month, specifically during the last week of November, by approximately 30%. The reassurances provided in this regard, whether by the Ministry of Economy or by the head of the Supermarket Owners Association in Lebanon, Nabil Fad, stating that "the majority of food commodities, about 65%, will not be affected by the customs dollar," have proven to be mere media statements. Consequently, traders in Tripoli, Akkar, and supermarket owners in the North raised prices dramatically, leading to a significant outcry from citizens who were shocked by the new prices.

Hiam Saad, a housewife from Akkar, purchased some necessities from a supermarket in Halba about a week ago, including a 700-gram box of salt for 35,000 LBP. Yesterday, she had to revisit the same supermarket at her daughter's request for more salt, only to find the price of the same box had doubled to 57,000 LBP within just a few days. Hiam stated, "It wasn't just the salt; almost all food items have seen illogical price changes."

What Hiam experienced has been confirmed by many women shopping either in Tripoli supermarkets or in the Koura area. Meanwhile, information from "Nidaa Al-Watan" reveals that "a large number of shops and supermarkets have indeed changed their price tags in line with the implementation of the customs dollar." Thus, all reassurances that only luxury or imported goods would be affected have proven ineffective.

According to families in the North who stocked up in recent days, the monthly bill for food supplies that used to cost 3 to 4 million LBP just a week ago now requires between 5 to 6 million LBP. When asked about this significant price difference, supermarket owners attribute it to the rise in the customs dollar, leading to an increase in the prices of all goods.

Citizens in the North have begun to question the role of the Ministry of Economy and the Consumer Protection Directorate in combating this rampant greed and who will put a stop to traders who manipulate prices. They wonder where the monitoring agencies are, especially as prices continue to rise with any increase in the dollar rate or with the rise of the customs dollar being used as a tool by traders and supermarket owners to adjust prices yet again—especially for items that are essential to daily consumption. All of this is occurring in the absence of regulatory agencies and without any oversight.

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