Share:
File photo: Demonstrators hold loaves of bread that read we are only against hunger . The combination of a sinking currency and soaring inflation is leaving millions hungry in Lebanon . – REUTERS
Lebanon on Monday hiked the price of subsidised bread by a fifth, as the government struggles to maintain funding key goods amid an economic crisis that has already sparked protests.
Caretaker economy minister Raoul Nehme said the price was due to an increase of wheat prices worldwide coupled with the high exchange rate to buy dollars.
Lebanon is mired in its worst financial crunch since the 1975-1990 civil war, resulting in recession, a plunge in foreign reserves, and rising inflation.
Monday, 1 February, 2021 - 18:00
A baker displays fresh bread in Lebanon s northern port city of Tripoli on January 26. (AFP) Asharq Al-Awsat
Lebanon on Monday hiked the price of subsidized bread by a fifth, as the government struggles to maintain funding key goods amid an economic crisis that has already sparked protests.
Caretaker economy minister Raoul Nehme said the price was due to an increase of wheat prices worldwide coupled with the high exchange rate to buy dollars.
Lebanon is mired in its worst financial crunch since the 1975-1990 civil war, resulting in recession, a plunge in foreign reserves, and rising inflation.
Lebanon raises price of bread amid worsening economic crisis wbng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wbng.com Daily Mail and Mail on Sunday newspapers.
Crisis-hit Lebanon hikes subsidised bread price by a fifth
Issued on: 2 min
Beirut (AFP)
Lebanon on Monday hiked the price of subsidised bread by a fifth, as the government struggles to maintain funding key goods amid an economic crisis that has already sparked protests.
Caretaker economy minister Raoul Nehme said the price was due to an increase of wheat prices worldwide coupled with the high exchange rate to buy dollars.
Lebanon is mired in its worst financial crunch since the 1975-1990 civil war, resulting in recession, a plunge in foreign reserves, and rising inflation.
A large bag of flat bread, previously weighing 900 grammes and costing 2,000 Lebanese pounds, would now weigh 930 grammes and cost 2,500 pounds, a rise of around 20 percent, the National News Agency said.
Summary
Over the past three decades, Lebanon’s ruling class which comprises intertwined political and business elites has run the country into the ground. To survive its ongoing accumulation of challenges, including the financial crisis that erupted in October 2019, Lebanon requires a revamped state backed by a new economic model with social justice at its core. Tax reform is central to such an endeavor and to ensuring that the state has the means both to deliver basic services and to tackle poverty and inequality.
Key Themes
Since 2005, Lebanon has been characterized by extreme inequality in both income and wealth. The richest 1 percent of the population receives, on average, 25 percent of national income, while the poorest half receives less than 10 percent. Regarding wealth, the richest 10 percent of the population owns almost 70 percent of total wealth. Additionally, the middle class and the poor have little chance of upward mobility.