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The last subsidy standing: Lebanon's wheat subsidy is still in place, but is it working?

Richard Salame- At the end of last week, with the lira rallying to just below LL24,000 to the dollar, the Economy Ministry announced a drop in the price of bread. Despite this small respite in the seemingly endless rise of prices across Lebanon, bread prices remain more than double what they were just six months ago.Bread is subject to price controls and subsidies — notably, on wheat — but its cost has still risen sharply over the past two years, with its price rising from LL1,500 for a 1 kilogram package at the beginning of the crisis to between LL10,233 and LL15,714 per kilogram now, depending on the size of the package. This is down from last week’s record high of LL11,429 to LL17,391 per kilogram.
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