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72 percent of Lebanese families struggle to get enough food amid soaring inflation
DUBAI: 72 percent of Lebanese families across Lebanon will face difficulty making ends meet given the severe economic recession associated with soaring inflation, according to Crisis Observatory.
The Crisis Observatory is an interdisciplinary research program launched by the American University of Beirut (AUB) to monitor the repercussions of the economic crisis in Lebanon.
The report, based on price tables from the Ministry of Economy and Trade, found that a family of five now spends more than three times the minimum wage on main meals for a month – or about 2.1 million LL per month – while about three-quarters of families have a monthly income of less than LL 2.4 million.
The price of sunflower oil has increased by more than 1,100% since the summer of 2019, that is, before the onset of the financial and economic collapse, while the price of beef has increased by 627 % and that of ordinary rice by 545%.
Eggs, meanwhile, saw their price increase by 450 percent and the price of milk doubled by 275 percent.
In a separate report released last week by UNICEF, children in Lebanon are suffering the brunt of one of the world’s worst economic collapses in recent times, which will likely rank in the top 10, possibly the top three. the most serious crises in the world since -19th century according to the World Bank.
The report found that more than 30 percent of children went to bed hungry and skipped meals in the past month, with 60 percent of households having to buy food on credit or borrow money.
High food price inflation is linked to the deterioration in the exchange rate of the Lebanese pound against the US dollar, the report notes, as Lebanon imports the majority of its food needs from raw materials or raw materials. premieres from abroad.
The Lebanese currency, pegged to the dollar since the 1990s, has lost more than 91% of its value since the mass protests began in October 2019.
It is currently trading at just under 18,000 LL per greenback on the black market as the central bank struggles to subsidize basic commodities and commodities like wheat, fuel and medicine.
Since the start of 2021, bread prices have been increased eight times due to the central bank’s end of subsidies on sugar and yeast.
The price per gram of large packets of bread in bakeries increased 23%, selling at LL 3,500 for a packet of 865 grams.
To make matters worse, bakeries have also been hit by fuel shortages, raising fears of potential problems in bread production in the crisis-stricken country.
However, on Sunday evening, a representative from the fuel industry told a local radio station that two fuel tankers would start unloading diesel earlier this week, with hospitals, bakeries and generator owners given priority. .