The Minister of Economy increased the retail price of 1035 grap pack to 10,000 Lebanese pounds .
The bakers continue to change the size of the packs to confuse consumers according to Lebanese media reports
This increase comes 3 weeks since last increase which established the following retail prices
On November 4, 21 the ministry announced the following retail prices
Retail price of a medium-sized pack 810 grams ( 28.5 oz) 7000 LL
Retail price of a a large -sized pack 1200 grams ( 42.3 oz) 9500 LL.
The 1035 gram pack is 16 % smaller but 5 % more expensive than the 1200 gram pack according to the new price resuting in a net increase of over 20 % within a period of 3 weeks
The Minister of Economy decided on November 4 to form a crisis cell to keep pace with the development of price fluctuations in the costs of bread and work to keep it within the reach of the Lebanese. Todays price increase indicates the cell failed in its mission,
The pack of bread was always 1000 Gram or one kg and prior to the October 17, 2019 it used to sell retail at 1500 Lebanese Lira ( LL) which is equivalent to 1550 LL for the 1035 gram pack.
The new prices represent a whopping increase of over 640% over the 2019 prices
The increase is primarily because the Lebanese pound collapsed since 2019 and lost over 90 % of its value but the wages remained the same at best and many people lost their jobs since , closed their business or left the country
Lebanon Central Bank has been subsidizing the wheat flour , medicine and fuel but Hezbollah which controls all the 3 branches of government has been smuggling these commodities to Syria through illegal border points , making huge profits but resulting in shortages in Lebanon which led to the higher prices