Macroeconomic Forecast Lebanon

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According to latest data, consumer price inflation in Lebanon came in at 4.6% y-o-y in December, up from 4.3% a month prior. With global commodity prices expected to continue trending higher through at least H111, we stress that inflationary pressures will be unlikely to abate in the short term. We have revised up our end-2011 CPI forecast to 6.0% accordingly.