Falling food, housing, clothing and transport prices kept Lebanon’s CPI in negative territory during October, recoding a 4.1% y/y deflation despite narrowing mildly from a 4.7% annual contraction a month earlier, data from the statistics office CAS showed. The IMF forecasts Lebanon’s CPI inflation to brake to a mere 0.1% in 2015 from 1.9% last year.
In monthly terms, the CPI, however, rose 0.8% in October, reversing a 0.3% m/m deflation a month earlier on rising clothing and food costs.
Food and non-alcoholic beverage prices (20.6% of the basket) rose 0.8% m/m in October on unfavourable seasonal factors and strong local demand that lifted fresh produce prices. In annual terms, food prices contracted 0.8%, compared to a 0.9% annual decline in September.
Clothing and footwear prices climbed 10.4% m/m in October on lack of seasonal discounts and strong demand ahead of the education year. In annual terms, clothing and footwear costs rose just 1.4% in October. Alcoholic beverage and tobacco prices climbed 5% y/y during the month on sustained strong private consumption.
Housing charges ticked up a marginal 0.3% m/m but fell 7% y/y on plummeting utilities charges (down 19.6% y/y). Rent costs grew a mild 1.8% y/y during the month due to low prior-year base effect.
Transport prices fell 0.8% m/m and 12.7% y/y as the government cut fuel costs amid lower energy prices.
The United Arab Emirates’ (UAE’s) global port operator Dubai Ports World on March 24 signed two framework agreements to acquire stakes in Kazakhstan’s two Special Economic ... more
The odds on the Trump administration attempting to kill the Iran nuclear deal substantially shortened on March 13 with the firing-by-tweet of US Secretary of State Rex Tillerson and his replacement ... more
Algerian national energy company Sonatrach has struck a deal with Turkey's Ronesans and Bayegan to build a petrochemical plant worth $1bn in Turkey, Turkish President Recep Tayyip Erdogan said on ... more