Lebanon has increased the price of subsidised bread and flour by 20 per cent for the fourth time in less than a year despite residents experiencing the worst economic crisis in the country's history.
The Minister of Economy in the caretaker government, Raoul Nehme, announced the decision on Monday, explaining that due to the sharp increase in the wheat prices worldwide and the rise in the dollar exchange rate, the ministry has decided to increase the price of subsidised bread and flour to preserve "food security".
Nehme added that the price of a small bag of flatbread will increase from 1,250 lira to 1,750 lira, while the weight of the bag will increase by 50 grammes.
He said the ministry will review the new prices if the local currency has regained its weight against the US dollar or if wheat prices decrease.
Lebanon has been experiencing the worst economic crisis in its history, exasperated by the coronavirus pandemic and political deadlock.
According to the International Monetary Fund (IMF), prices have increased by 144 per cent, and more than half of the Lebanese people now live below the poverty line while tens of thousands have lost their jobs and sources of income.