International Shia News Agency

Lebanon: Sharp increase in cost of living with Lira crashing

Lebanon costs of living

SHAFAQNA- Ad-Diyar published the increased cost of living in Lebanon during the last three years with dollar exchange rate against Lira in this country through a diagram.

Based on a study that was published recently by the “Information International”, very high costs of living in Lebanon during the last three years have been shown. This study reveals that increased rate of dollar and foreign currencies against Lebanese Lira and collapse of purchasing power of Lebanese in 2019 have raised costs of living of Lebanese highly so that cost of living in Lebanon recorded a rise of 272 percent from the beginning of 2020 to the end of August 2022 based on the released data by the Central Bureau of Statistics.
This is while the experts and even commons say prices are so much higher than the announced percentage, because price of imported goods has been increased with a rate higher than the exchange rate increase. And even this price increase includes domestically produced goods too. Thus, the 272 percent increase of costs of living that the government has announced is wrong and 500 percent increase seems more acceptable.

Large part of costs of living is allocated to consumption and food baskets

In another study released by the same company, cost of living of a Lebanese family of four has been estimated to be at least between 20 to 26 million pounds per month by calculating the living differences in a village or city and between a landlord and tenant. According to this study, a large part of costs of living is allocated to consumption and food baskets. Minimum value of these goods was estimated to be eight million Lira in villages and nine million Lira in cities.
In this study, it has been observed that there are several differences between rental fee and transportation cost in villages and cities so that minimum rental fee in cities is five million Lira and in villages is one million Lira. The same is true about transportation; it costs one million Lira in villages and three million Lira in cities.
This is while yesterday (Friday 21 Oct 2022) dollar rate in the black market in Beirut fell to the unprecedented price of 4000 Lebanese Lira.
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