By Najia Houssari — arabnews.com — The cost of food in Lebanon has skyrocketed 700 percent over the past two years, and more importantly, the increase has picked up pace in recent weeks, according to a Crisis Observatory report released on Wednesday. The Crisis Observatory is an interdisciplinary research program launched by the American University of Beirut (AUB) to track the repercussions of the economic crisis in Lebanon. The report reflected the current state of the country as malls and shops, usually bustling with Eid Al-Adha celebrations, were empty and stagnant this week as much of Lebanon’s middle class can no longer afford to go shopping due to the dramatic increase in prices. All of this is amid the country’s inability to form a government as Lebanon is teetering on the edge of social and economic collapse. While the AUB Crisis Observatory report revealed staggering financial shortcomings, it also concluded that Lebanon could turn into the “Venezuela of the Mediterranean” and it predicted a majority of the Lebanese people would struggle to secure their minimum needs without the help of relief institutions.
The report said the exponential and weekly increase of basic food prices is an indicator that the country is “slipping into hyperinflation.” The price of a basic food basket increased by more than 50 percent in less than a month, it said, while clothing has become somewhat of a luxury. Families complained about their inability to buy new clothes for their children on Eid Al-Adha because, as one mother put it, the pants she used to buy at 30,000 pounds are now sold for 400,000 pounds. “We were expecting to see more customers on Eid Al-Adha, but people’s purchasing power has plummeted,” Therese, owner of a bar in Beirut, said. “Lebanese expatriates who came to summer in Lebanon have helped revive the tourism a little bit, but we are afraid of what will happen once they leave.”