LEBANON, Lebanon (AP) Homeowners in Lebanon pay a premium for their kitchen tools compared with other parts of the world because of rising costs, according to a new report.
The average monthly cost of the latest survey of 1,600 homes in Lebanon shows prices for the kitchen tools and kitchen utensils increased about 5.7 percent in 2016 from the previous year.
The price increase for the latest surveys comes after the central bank announced a $2,300 increase in its benchmark interest rate for the first time since 2008.
That increase is the first in six years.
The report by the National Institute for Statistics of Lebanon found that prices for kitchen appliances increased about 7.5 percent in the first nine months of 2017, after a 6.7-percent increase in 2016.
The prices of the kitchen utense tools rose by 7.1 percent from the first quarter of 2016 to the latest data.
In 2016, the average monthly price for the average kitchen tool rose by 0.4 percent.
The average monthly inflation rate for kitchen utane tools rose to 7.4 in the latest report.
Lebanon has a growing population of 1.3 million, and the country’s population grew by about 9 million people between 2016 and 2017.
It’s the fourth-biggest country in the Middle East by area.