First Published: 2009-01-22

Libya inflation rate reached 10.4 percent in 2008

Central bank says sharp rise of inflation rate caused by leap in food prices.


Middle East Online

Libya imports around 90 percent of its food and equipment needs

TRIPOLI - The inflation rate in Libya accelerated to an average 10.4 percent in 2008 from 6.2 percent the previous year, the Libyan central bank said.

Consumer prices rose only 1.4 percent in 2006 and 3.0 percent in 2005.

Last year's sharp rise stemmed chiefly from a leap in food prices, which surged 25.1 percent in the first half of the year, the general information committee said.

Libya posted negative inflation rates at the end of the 1990s but since the United Nations ended its embargo in 2003, after 11 years, consumer demand has risen sharply in this wealthy oil-producing nation which imports around 90 percent of its food and equipment needs.


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