Lebanese consumers hit by massive price rises
Inflationary pressure drove Lebanon’s Consumer Price Index up 4.7 percent during the first five months of 2012, according to data compiled by the Consultation and Research Institute.
When compared to May of 2011, the the year-on-year CPI variation reached 6 percent. The increase in the CPI during the first five months of 2012 was mostly due to a 9.3 percent year-to-date rise in prices of food and beverages.
The increase was also driven by the upward price movement posted by the following items: miscellaneous goods and services, up by 6.5 percent; housing, up by 6.4 percent; transportation and telecommunications, up by 3.2 percent; durable consumer goods, up by 2.1 percent; and recreational services, up by1.9 percent.
The report said that the rise in the subindex for food and beverages during the first five months of 2012 is due to an increase of 9.9 percent in prices of food items, 2.4 percent in those of tobacco products and 2.0 percent in those of nonalcoholic beverages.
Another item which contributed to the increase of the CPI in the first five months of 2012 was miscellaneous goods and services, boosted by a rise of 11.2 percent in the prices of jewelry and 5.4 percent in those of personal care items.
The increase of the fourth subindex, transportation and telecommunications services was caused by prices of the former item which edged up by 3.4 percent.
- Egypt passed the economic conference with flying colours, but what's next?
- Why the GCC really needs a VAT tax
- Selfies, jokes, and billions: Sisi 'boisterous' after economic summit, but the hard part has just begun
- 'Open for business': what did the World Bank have to say about Egypt's economic conference?
- Egypt's Economic Conference: formidable expectations, formidable challenges
- Who's to blame? At almost 10%, Turkey's inflation rate hits 2 year high
- US Dollar: Was the Rise In Consumer Confidence Deceiving?
- More worries for the boycott-hit economy? IMF criticizes the Bank of Israel, warns of massive real estate bubble
- How Kuwait's massive spending is slowly destroying its budget plans