80 percent surge in prices
since the beginning of the year
Food prices have tripled when denominated in lira
The Consumer Price Index (CPI) increased by 80 percent during the first six months of this year, when values are denominated in lira.
In the previous six months ending in 2019, the index rose by just six percent. The total increase for the past 12 months, ending in June, was 90 percent.
The CPI is published by the Central Administration of Statistics (CAS).
There has been no index based on ‘fresh dollar’ prices, which is the reference of value for most goods.
Not all items included in the index are valued at the same currency exchange rate. Some goods are valued at a rate of LL1,500 to the dollar which includes utilities and energy (which registered zero change), health care (increasing by ten percent) and wheat which is a component of several food products.
Other goods have been imported at various currency exchanges in the black market which has varied from LL2,200 at the beginning of the year, or even less given that many goods were priced based on suppliers’ prices prior to that date, to a peak reaching LL8,775 recorded on the last day of June.
Date Posted: Jul 30, 2020