Lebanon’s CPI contracted 2.45% y/y in May, virtually the same as a month earlier, amid falling food, housing and transport prices, thus sustaining its downward pattern seen in 2015, data from the statistics office CAS showed. Lebanon’s CPI will remain in negative territory also this year with the IMF forecasting a contraction of 0.7%.
In monthly terms, the CPI ticked up a marginal 0.1%, braking from a 0.8% m/m increase in April on higher transport and housing charges.
The CPI index might swing into mild positive growth in June and July given the Ramadan factor which usually boost prices of food, clothing and entertainment as local demand soars.
Food and non-alcoholic beverage prices (20.6% of the basket) fell 2.4% m/m in May on favourable seasonal factors and low import inflation. The annual deflation thus widened to 3.2% from 2.4% in April.
Transport prices (13% of the basket) fell 6.3% y/y in May despite rising 1.2% m/m as the government upped fuel costs.
Housing charges (28.5% of the CPI index) rose 1.1% m/m in May but shrank 4.7% y/y, on falling utilities charges (down 14.1% y/y). Rent costs rose 3% y/y during the month.
Related Articles
Egypt and Russia finalise key agreements for Dabaa Nuclear Power Plant
Egypt has signed an agreement with Russia’s Rosatom to secure the nuclear fuel supply for Unit 1 of the Dabaa Nuclear Power Plant, Al Ahram reported on November 19. Officials said the agreement ... more
Egypt launches international bid round for gas exploration in Red Sea
Egypt’s Ministry of Petroleum and Mineral Resources has launched a new international bid round for oil and gas exploration in four offshore blocks in the Red Sea, according to Al Youm Al Sabea, ... more
BP expands gas output in Egypt’s West Nile Delta with new well start-up
British energy major BP (LSE, NYSE:BP) has started up the RW5 gas well in Egypt’s West Nile Delta (WND) project, adding around 80mn cubic feet per day of additional supply, Al Mal reported on ... more
Most Read
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago
-
India’s smart metering push gains momentum
4 months ago
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago