Ali Al-Sharif, a professor of economics at the University of Benghazi, said that the significant rise in prices, or what is known as runaway inflation, leads to a decrease in the real income of individuals and reduces their ability to obtain basic commodities.
Decline in Purchasing Power and the Reality of Market Discounts
In exclusive statements to “The New Arab” website, Al-Sharif explained that some markets resort to lowering prices at the end of the year to clear out stagnant goods, noting that most of the food items included in the discounts were close to their expiration dates.
Currency Depreciation and Its Impact on the Standard of Living
The economist attributed this deterioration to the depreciation of the currency against foreign currencies, stressing that the continuation of this situation requires serious action from all executive, legislative, and regulatory authorities.
A Call for Urgent Decisions to Protect Citizens
Al-Sharif stressed the need to take urgent decisions to protect the ordinary citizen from sliding into what he described as “the area below the poverty line” amidst inflation and declining purchasing power.