The annual inflation rate in Lebanon, which is suffering from a severe economic crisis, has risen to the highest rate among all countries in the world, surpassing Zimbabwe and Venezuela, according to Sputnik.
The consumer price index in Lebanon rose by 137.8% from the previous year during August 2021, compared to 123.4% in July, according to data from the Lebanese Central Statistics Department, which is the highest inflation rate among all countries tracked by Bloomberg.
Consumer prices also increased by 10.25% from the previous month, while food prices increased by 20.82%.
Inflation in Lebanon has risen dramatically in the past two years as the country's financial and economic crisis spirals out of control, with politicians doing little to mitigate its impact.
The currency lost nearly 90% of its value and plunged three-quarters of the population into poverty, according to the agency. Lebanon defaulted on a $30 billion Eurobond last year.
In recent months, authorities have begun cutting subsidies, with most items now priced at the black market exchange rate, while the central bank has repeatedly warned the government against continuing cash out of cash.