Lebanon: the price of bread increases for the fourth time in six months
A Lebanese man holds up bread in a Beirut street during an anti-government protest in October 2019 (illustrative image).
AP - Hassan Ammar
Text by: RFI Follow
2 min
Despite the social discontent, the worsening economic crisis and the depreciation of the pound which caused a dramatic erosion of purchasing power, the Lebanese authorities decided to increase the price of bread.
This measure comes as the popular protest movement has resumed after a two-month respite.
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With our correspondent in Beirut,
Paul Khalifeh
For the fourth time in six months, the Lebanese authorities have increased the price of bread, explaining the unpopular decision by the increase in world grain prices.
The price of a packet of bread, which is a staple for hundreds of thousands of families, rose 7.5%.
This decision comes in a difficult context for a large part of the population, which is finding it increasingly difficult to meet its basic needs.
Since the onset of the worst economic crisis in Lebanon's history in October 2019, the number of people who have slipped into extreme poverty has almost tripled, from 8% to 23%.
More than 55% of the population lives below the poverty line and unemployment is estimated at 60%.
Social safety nets are almost non-existent and purchasing power has collapsed due to
the depreciation of the pound
, which has lost 80% of its value against the dollar.
The banking sector is in undeclared bankruptcy and has been refraining for over a year from returning their savings to depositors.
The situation is so serious that
the World Bank has granted an emergency loan
to Lebanon in the amount of 246 million dollars in the form of cash transfers and access to social services to nearly 800,000 Lebanese.
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Lebanon
Food
Economic crisis