Lebanon inflation soars to 112% year-on-year in July amid economic meltdown

BEIRUT (Reuters) - Lebanon's inflation rate soared to 112.4% year-on-year in July amid an economic meltdown, latest official data showed, even before this month's devastating Beirut port explosion compounded a deep financial crisis.

Lebanon became the first country in the region to suffer from hyperinflation in July, according to Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University. [nL5N2ES79X] Inflation in Lebanon, whose plight worsened since defaulting on its sovereign debt in March, had risen.....

This article is no longer available in our repository.

There could be multiple reasons for this.