As the value of the Lebanese pound continues to decrease against the US dollar in the black market, the Union of Food Importers announced that it was re-examining food prices in parallel with field visits conducted by the ministry of Economy to supermarkets to make sure that merchants have started to revise the prices.
Meanwhile, citizens assert that the prices of basic commodities and materials were still high, and that only specific items saw a shy price decline.
Shopkeepers, on the other hand, stress that the bulk of the materials have not decreased in price, but only specific types of cheeses, grains and cleaning materials, noting an abundant availability of the government subsidized food basket.
In remarks to Asharq Al-Awsat, the director general of the Economy Ministry, Mohammed Abu Haidar, explained that the decrease in prices did not include all commodities and foodstuffs, as some of them were “originally priced on the basis of an exchange rate that does not exceed LBP 7,000 for one dollar.”
He noted that the prices of a variety of milk and cheese decreased by 8 to 10%, cleaning products between 12 and 18%, and meat, chicken and eggs by 50%.
Most of the food commodities on the market are now priced on the basis of a dollar exchange rate that ranges between LBP 6,800 and 7,000, Abu Haidar remarked.
He noted that the ministry would intensify its visits to commercial stores in the coming weeks, revealing that it had already referred 67 merchants to the Financial Public Prosecution, due to smuggling or monopoly operations.
The head of the Food Importers Syndicate, Hani Bohsali, noted that the items that saw a decrease in prices were those valued on the basis of an exchange rate exceeding LBP 7,000. As for the goods that were originally priced on a lower exchange rate, they would not be included in the price revision.
Meanwhile, Vice President of the Consumer Protection Association Nada Nehme affirmed that it was not possible to talk about a decline in prices with the decrease in the black market exchange rate. On the contrary, she said that some commodities have witnessed a significant increase in prices, such as chilled fish.
Certain brands of a particular food section, such as cheeses, have witnessed a very slight decrease in prices, matched with an increase in other brands of the same product, she stated, adding that the same applied to cleaning products.
