Friday, July 11, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Economy

What’s Driving Libya’s Inflation Increase in 2024?

November 21, 2024
Libya’s Central Bank Restarts Dollar Sales & Credit Services

Libya’s Central Bank Restarts Dollar Sales & Credit Services

Share on FacebookShare on Twitter

Libya’s inflation rate rose to 2.7% in the third quarter (Q3) of 2024, compared to 2.0% in the previous quarter, according to the Central Bank of Libya (CBL).

The increase is driven by varying inflation rates across key economic sectors, with food and beverage prices witnessing the highest spike.

The CBL’s Q3 economic bulletin highlights a 4.1% rise in food and beverage costs, making it the most impacted sector.

In contrast, telecommunications prices remained stable with a minor 0.2% increase. Tobacco saw a modest rise of 0.3%, while transportation costs climbed by 1.5%. Housing, water, and electricity recorded a 2.3% increase.

The general consumer price index (CPI) for Q3 reached 303.1 points, an annual rise of over 8 points compared to the same period in 2023.

Libya’s inflation was relatively stable in 2023, averaging 2.4% annually. However, 2024 has seen fluctuations. The inflation rate dropped to its lowest point of 1.5% in Q1 but surged to 2.7% by Q3, driven by sectoral price increases, especially in food and utilities.

The consumer price index, a measure of price changes for goods and services, tracks 12 main categories. Key highlights from Q3 include:

Food and Beverages: A 4.1% increase reflects higher import costs and supply chain disruptions.

Housing, Water, and Electricity: Prices rose by 2.3%, indicating pressure from urbanization and energy challenges.

Transportation: A 1.5% hike linked to rising fuel and operational costs.

Telecommunications and Tobacco: These sectors remained stable, with minimal increases of 0.2% and 0.3%, respectively.

  1. Import Dependency: The country heavily relies on imported goods, making it vulnerable to global price shifts.
  2. Exchange Rate Fluctuations: Instabilities in currency valuation impact consumer purchasing power.
  3. Oil Dependency: A narrow economic base centered on oil revenues limits resilience to global market changes.

Tags: cblCentral BankForiegn ExchangeInflationlibya
Next Post
Libya & Bangladesh Explore Joint Healthcare Initiatives

Libya & Bangladesh Explore Joint Healthcare Initiatives

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Libya Signs Military Cooperation Agreement With Turkey

Libya’s Prosecutor Reports 461 Inmates Escape Amid Tripoli Clashes

Greece & Italy Blame EU Commission for Libya Visit Collapse

UN Calls for Withdrawal of Armed Forces From Libyan Capital

400 Firms Compete for Libya’s Oil Contracts

NOC Chief: Libya Open for Global Energy Investment

EDITOR PICKS

Libya Seeks Greater Benefits from OAPEC Membership

Libya’s National Army Expands Anti-Smuggling Campaign in Southern Region

Libya’s Prosecutor Reports 461 Inmates Escape Amid Tripoli Clashes

Libya Signs Military Cooperation Agreement With Turkey

NOC Chief: Libya Open for Global Energy Investment

IOM: 397 Migrants Intercepted & Returned to Libya

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR