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Lebanon’s inflation hits 85 percent in 2020

Osama Habib-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 main drive for inflation is related to the Lebanese pound’s sharp depreciation on the parallel market causing corollary inflationary spikes. The reasons behind currency depreciation and corollary inflation are actually multiple,” Marwan Barakat, chief economist and head of the Economic Research department at Bank Audi, told The Daily Star. He added that the reasons behind these figures revolve around the increased political uncertainties leading to a gradual loss of confidence and exchange market concerns.
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