Economic Research | Lebanon This Week | Lebanon This Week 667 | Increase in food prices in Lebanon is highest in MENA region | Lebanon | Byblos Bank
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Lebanon This Week 667
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Economic Research
Lebanon This Week 667
Increase in food prices in Lebanon is highest in ...
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Increase in food prices in Lebanon is highest in MENA region
In its assessment of the impact of the COVID-19 pandemic on food-price inflation in the Middle East & North Africa (MENA) region, the World Bank indicated that prices in Lebanon have surged across all food categories between February 14, 2020 and January 20, 2021. It assessed the change in food prices in 19 countries in the MENA region across five main food categories that are carbohydrates, dairy, fruits, meats and vegetables.
The prices of fresh or frozen cattle meat in Lebanon rose by 103.4% between February 14, 2020 and January 20, 2021, constituting the highest increase in the price of this item in the region. In contrast, the price of fresh or frozen cattle meat grew by an average of 10.6% in the region.
Also, the price of bananas in Lebanon surged by 88.6% in the covered period, representing the highest growth rate in the price of this fruit regionally, relative to an average increase of 10.5% among MENA countries. Lebanon, along with Djibouti and Yemen, were the only countries in the region that posted increases of above 20% in the price of bananas.
In parallel, the price of eggs in Lebanon jumped by 86% between February 14, 2020 and January 20, 2021, the highest price increase for this product among MENA countries. Lebanon, Djibouti, Iran, Syria and Yemen were the only countries in the region that posted a rise of more than 20% in the price of eggs. In comparison, the price of eggs increased by an average of 6.7% in the region.
In addition, the prices of rice and tomatoes in Lebanon climbed by 81% and by 80%, respectively, in the covered period, the highest surge in the prices of these food products regionally. Also, the prices of onions and lettuce jumped by 70% and by 64.6%, respectively, the highest price leap in the region for such products. The prices of potatoes in Lebanon grew by 64.3% in the covered period, the highest rise among MENA countries relative to an average increase of 4.4% in the region. Also, the prices of fresh or frozen chicken surged by 61% in the covered period, the second highest increase, after Djibouti, among MENA countries and compared to an average growth of 16.6% regionally. Lebanon, along with Djibouti and Saudi Arabia, were the only countries in the region that posted increases of above 20% in the price of fresh or frozen chicken.
Further, the prices of apples and oranges in Lebanon soared by 50% and 53.7%, respectively, between February 14, 2020 and January 20, 2021, the most significant price increases for such fruits among MENA countries. Lebanon, along with Morocco and Yemen, were the only countries in the region that posted increases of above 20% in the price of oranges. Also, the price of processed liquid milk in Lebanon grew by 52%, the second highest price rise regionally, after Djibouti. Further, the price of cheese surged by 16.4%, the fifth highest price increase regionally for this category; while the price of bread in Lebanon expanded by 8% in the covered period, representing the ninth highest increase in bread prices among MENA countries.
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