The Central Bank of Libya has reported that inflation in the country reached 2.7% during the third quarter of 2024, up from 2.0% in the second quarter.
This increase comes amid significant variations in inflation rates across different economic sectors.
According to the bank’s third-quarter bulletin, the prices of food and beverages experienced the highest surge, rising by 4.1%. In contrast, telecommunication costs remained stable, registering the lowest inflation rate at just 0.2%.
The tobacco sector saw a modest price increase of 0.3%, while transport costs climbed by 1.5%. Housing, water, and electricity expenses also rose, recording a 2.3% increase.
The Central Bank’s Department of Studies and Statistics noted in its quarterly economic bulletin that the consumer price index (CPI) reached 303.1 points, reflecting an annual increase of over eight points compared to the same period last year.
In 2023, Libya experienced a gradual decline in inflation, which averaged 2.4% annually.
However, 2024 has seen fluctuations, with the lowest inflation rate of 1.5% recorded in the first quarter before climbing to 2.7% by the third quarter.
The CPI, a critical tool for monitoring changes in consumer goods and services, divides these items into 12 categories, including food, beverages, housing, water, household appliances, clothing, transportation, health, recreation, education, tobacco, and hospitality services.
This rise in inflation, particularly in food prices, highlights ongoing economic pressures in Libya as it continues to grapple with challenges in stabilizing its economy and ensuring price affordability for consumers.
