Lebanon Follows Venezuela Into Hyperinflation Wilderness

Hyperinflation has blighted Zimbabwe, Venezuela and the former Yugoslavia among others over the years, Reuters reported. Now, Lebanon has been gripped by the phenomenon, becoming the first country in the Middle East and North Africa to suffer from rapid, runaway price rises for goods and services. It joins Venezuela, which has been locked in hyperinflation since April, its second bout in recent years, according to Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University and an expert on the topic. The occurrence happens when a country’s inflation rate exceeds 50% per month over a period of time, defined by Hanke as 30 consecutive days. That happened in Lebanon this week. Read more