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Recent data issued by Central Bank of Libya showed a decline in inflation to 2.4% during the year 2023. Data revealed that prices witnessed stability over the past year, with the exception of the months of January and February, which witnessed a rise in inflation to 3.8%.
The decrease during the index period included beverages, tobacco, clothing, transportation, and food commodities, while hotel and restaurant prices witnessed a slight increase.
Prices have risen since October, coinciding with the rise in the price of the dollar in parallel market.
Experts believe that inflation data differs from reality, as prices increased during the last quarter of the year by up to 20% for basic commodities and others, as a result of spike in the dollar exchange rate, while the Central Bank confirms that inflation in the last months of the year is within the range of 2%.
Libya imports 80% of its needs from abroad, and the value of documentary credits reached $12.5 billion during 2023.
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