Lebanon's inflation rate highest in the world amid economic crisis

Lebanon's inflation rate has risen to the highest in the world, according to Bloomberg, as the country's economic crisis continues to worsen.

The consumer price index rose 137.8 percent from last year in August, compared to 123.4 percent in July, according to the Lebanon Central Administration of Statistics.

That rate means Lebanon has surpassed long-suffering Venezuela and Zimbabwe in terms of inflation, Bloomberg reported on Tuesday.

Additionally, consumer prices in Lebanon rose 10.25 percent from last month, and food prices rose 20.82 percent.

Lebanon's economy has plummeted in the last two years, leaving 74 percent of the population living in poverty, according to the United Nations. Its central bank has all but run out of reserves.

The depletion of foreign currency has translated into worsening shortages of basic goods such as fuel and medication in the past couple of months.

After a year of political gridlock, Lebanese leaders agreed on a new government on Friday, opening the way to a resumption of talks with the International Monetary Fund (IMF).

Lebanon's finance ministry said last week the central bank would on 16 September receive $1.135 billion in the form of the IMF's reserve currency, Special Drawing Rights (SDRs).

The SDRs are comprised of $860 million from 2021 and $275 million from 2009, a statement by the ministry said.