Lebanon’s inflation rate surged to 211% in May. The central bank noted that the smuggling of imported products and the emergence of a black market for fuel contributed to the latest surge in the inflation rate. Transport costs increased by 515% YoY while health sector prices increased by 468% during the same period. Meanwhile, the country’s politicians struggle to form a new government for more than a month after parliamentary elections. The failure to create a new government is delaying the implementation of key reforms that allow Lebanon to receive a $3bln bailout from the IMF.