Sun, 28 May 2023

CAIRO, Egypt: Egypt's annual inflation rate has continued to surge, up 2.8 percent, reaching around 14.9 percent in April from 12.1 percent in March, the Central Agency for Mobilization and Statistics reports.

Food and beverage prices increased by 8.1 percent in April, compared to March. Also, prices of bread and grains increased by 3.6 percent, while housing, electricity and energy prices rose by 1.1 percent, the data showed.

Lower income households have been particularly burdened, struggling to buy even everyday necessities, with nearly 30 percent of Egyptians living in poverty, according to official figures.

Most of Egypt's over 103 million population have suffered from price hikes since the government's reform program in 2016 sought to overhaul the country's battered economy. The program included austerity measures, such as the flotation of the national currency and slashing subsidies for fuel, water and electricity.

The Central Bank's decision in March to raise its main interest rate and devalue the local currency against the U.S. dollar only added to the public's difficulties, according to economists.

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