Study warns of Lebanon’s slide into economic abyss

BEIRUT — The Crisis Observatory at the American University in Beirut, Lebanon, released a study detailing the deterioration of Lebanon’s economy.

The study pointed out that the minimum monthly cost of food for a family of five people is estimated at more than 1,500,000 Lebanese Pounds — five times the minimum wage of 675,000 Lebanese Pounds — not counting the costs of water, electricity, and gas.

The minimum wage was equivalent to $450 U.S. Dollars before the crisis. Today it does not exceed $30 USD according to the black market.

The study indicated that the prices of basic foodstuffs increased by more than 50% in less than one month.

According to the study, the weekly rise in the prices of basic materials is an indication of the beginning of Lebanon’s slide towards hyperinflation.

Despite the severity of the situation, the interim government has done little to rectify the situation and a new government has yet to be formed after nearly a year.