No Script

Please Wait...

Ramadan 2021

 

World Bank: Food Prices in Lebanon Highest in MENA

World Bank: Food Prices in Lebanon Highest in MENA
folder_openMiddle East... access_timeone month ago
starAdd to favorites

By Staff, Agencies

The World Bank said that Lebanon has the highest food prices in the MENA region as inflation continues to take its heavy toll on most classes in the country.

In its periodic assessment of the impact of the COVID-19 pandemic on food price inflation in the Middle East and North Africa region, the World Bank indicated that prices in Lebanon have surged across all food categories between Feb. 14, 2020 and March 8, 2021.

Lebanon’s inflation in 2020 soared to 84.8 percent, the highest since 1992.

The Central Statistics Department figures for CPI for full year 2020 show that the average inflation [Average price index 2020/Average price index 2019] was 84.8 percent, while the end-of-year inflation [December 2020 relative to December 2019] stands at 145.8 percent.

The World Bank has assessed the change in food prices in 19 countries in the MENA region across five main food categories that are carbohydrates, dairy products, fruits, meats and vegetables.

The prices of fresh or frozen cattle meat in Lebanon jumped by 110 percent between Feb. 14, 2020 and March 8, 2021, constituting the highest increase in the price of this item in the region. Lebanon, along with Djibouti and Syria, were the only countries in the region that posted a rise of more than 35 percent in the price of fresh or frozen cattle meat. In comparison, the price of fresh or frozen cattle meat grew by an average of 11 percent in the region.

In addition, the price of eggs in Lebanon surged by 102 percent in the covered period, the highest price increase for this product in the MENA region.

Lebanon, Djibouti, Iran, Syria and Yemen were the only countries in the region that posted a rise of more than 20 percent in the price of eggs.

In comparison, the price of eggs increased by an average of 7 percent in MENA countries. Also, the price of rice in Lebanon climbed by 99.4 percent between Feb. 14, 2020 and March 8, 2021, representing the highest growth rate in the price of rice regionally, relative to an average increase of 8.4 percent among MENA countries.

In parallel, the prices of bananas and tomatoes in Lebanon jumped by 94 percent and 88.8 percent, respectively, in the covered period, the highest increase in the prices of these food products regionally. Also, the prices of onions and lettuce jumped by 76 percent and by 70.8 percent, respectively, the most significant price leap in the region for such products.

The prices of potatoes in Lebanon soared by 71.4 percent between Feb. 14, 2020 and March 8, 2021, the highest rise among MENA countries and relative to an average increase of 4 percent in the region.

Lebanon, along with Djibouti, were the only countries in the region that posted increases of above 25 percent in the price of potatoes. Also, the prices of fresh or frozen chicken surged by 68.4 percent in the covered period, the second highest upturn after Djibouti among MENA countries and compared to an average growth of 16.4 percent regionally.

Lebanon, along with Djibouti and Saudi Arabia, were the only countries in the region that posted increases of above 25 percent in the prices of fresh or frozen chicken.

Further, the price of processed liquid milk in Lebanon rose by 60.8 percent, between Feb. 14, 2020 and March 8, 2021, the second highest price expansion regionally after Djibouti.

The prices of apples and oranges in Lebanon grew by 58.2 percent and 58.4 percent, respectively, the most significant price increases for such fruits among MENA countries.

Lebanon, along with Egypt, Morocco and Yemen, were the only countries in the region that posted hikes of more than 20 percent in the price of oranges.

Also, the price of cheese surged by 19 percent, the fourth highest price increase regionally for this category, while the price of bread and other manufactured articles sold at bakeries in Lebanon expanded by 11.3 percent in the covered period, representing the sixth highest increase in bread prices among MENA countries.

The Central Statistics Department noted that the prices of furnishings and household equipment surged by 7.6 times in December 2020 from the same month last year, followed by prices at restaurants & hotels [ 7.1 times], prices of clothing and footwear [ 6.6 times], prices of food and non-alcoholic beverages, as well as of alcoholic beverages and tobacco [ 5 times each].

Comments