SPOTLIGHT ON LEBANON.
Lebanon’s food inflation is 122% and is the worst rate in the world, with spiralling energy costs pushing general inflation rate above 150%. According to the World Bank, food inflation has soared across much of the developing world since Russia’s invasion of Ukraine, trapping poorer and richer countries in a cycle of rising prices. The war in eastern Europe is hitting many countries with an increase in food bills worth more than 1% of their annual national income (GDP), with others such as Lebanon, which are already on the cusp of nation state failure, not able to contain the impact and being plunged into a full-blown debt crisis.
