Lebanon price inflation rate reaches 2.9% year-on-year

24 August 2010

Figures by Lebanon's statistics department have showed consumer price inflation rate reached 2.9% year-on-year in July largely due to increases in clothing and footwear costs, Reuters has reported. Clothing and footwear costs rose 14% year-on-year in July, the statistics showed. The inflation rate was at 3.5% year-on-year in June due to increases in utility bills and housing costs. Lebanon is hoping to keep inflation between 4% and 5% this year. The country's 2011 draft budget sees inflation easing to 3.2% by the end of next year.

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