Despite Oil Riches, Libyans Hit By Plummeting Purchasing Power

The depreciation of Libya's currency has sent prices of basic goods soaring in the country (Credit: AFP)

Libya may sit on Africa's biggest oil reserves, but many families are struggling with rapidly rising consumer prices as the festive Muslim holy month of Ramadan nears.

Since a currency depreciation has driven up the cost of imported food and other goods, said self-employed Mohamad al-Weheshi, 29, "we have to make do with the minimum".