Libya Joint Market Monitoring Initiative (JMMI) - 1 - 11 November 2018

from REACH Initiative
Published on 11 Nov 2018 View Original

Key Findings
- Following a sharp appreciation of the Libyan dinar (LYD) on the parallel market between September and October, the LYD began to depreciate again in November against the US dollar (+6.1%) and the euro (+2.8%). Due to shops not immediately needing to restock some goods, prices continued to decrease regardless of this trend.
- In November, the overall median price of the Minimum Expenditure Basket (MEB) was 840.73 LYD, 40.05 LYD less than in October, representing the greatest monthly decrease since May 2018. It is also the first time there was a decrease in median prices in all three assessed regions in Libya. Since September, the economic reform imposing a 183% fee on foreign currency transactions probably impacted prices. Among the 34 assessed items, 17 monitored food and non-food items decreased in price between October and November, and 13 remained stable, with green tea, chicken, pasta and dishwashing liquid being the only exceptions.
- In November, Benghazi and Derna recorded the lowest median MEB cost of the country, with a decrease by 10.6% and 19.5% respectively, compared to October. In the South, despite a strong decrease (-5.5%) mostly driven by sharp decreases in the cities of Murzuq, Brak, and Ubari, the cost of the MEB remained the highest in Libya, reaching 1086.05 LYD in November.
- The median price of bread decreased by 25.0% compared to October, reaching 1.25 LYD for 5 pieces. While the standard price of a bag of bread remained unchanged (1 LYD), the average number of pieces per bag increased from 3 in October to 4 in November, reflecting a decrease in the price per piece. While the median prices of bread and flour remained unchanged in the East, they both decreased in the West and South.