Lebanon has the highest cost of living in the world: report

Field surveys on the monthly cost of living in Lebanon show staggering increases, with the recent calculation of the costs of public services, such as electricity and telecommunications, amounting to between 40 million and 70 million Lebanese lira, for a minimum of a family of 4 members.  

 

This article was originally published in, translated from the Lebanese newspaper Asharq al-Awsat.  

Meanwhile, the average income supported by increases or emergency grants and aid does not exceed 25 million Lebanese lira per month for workers in the public and private sectors.  

Bearing in mind that about 20 to 30 percent of the total workers receive their salaries partially or fully in US dollars. This gives them a counterbalance to the worsening cost of living, Asharq al-Awsat reported.  

These gaps confirm the credibility of international reports that 80 percent of Lebanon's population lives below the poverty line, and 70 percent of people face difficulties coping with the increasing expenses.  

These numbers put Lebanon in first place in the inflation index. As it recorded the highest inflation rate in food basket prices around the world in annual comparative measurement until the end of the first month of this year, ranking 139 percent annual rate of change in the food price inflation index, surpassing Zimbabwe, which recorded 138 percent, followed by Argentina with a rate of 103 percent, and Iran 73 percent.  

In addition to Lebanon's "recording" of the penultimate rank in the global inflation index, international financial reports indicate that the Lebanese lira tops the list of the worst currencies in terms of negative performance around the world, according to Asharq al-Awsat.