Robert Besser
12 May 2022, 21:03 GMT+10
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.
Get a daily dose of China National News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to China National News.
More InformationTIRANA, Albania: Following violent clashes between Dutch and Italian fans and the police ahead of this week's Europa Conference League ...
TOKYO, Japan: A new high-density electric battery developed in Japan has the potential to power electric airplanes, according to industry ...
ATHENS, Greece: After a sharp increase in attempted entries by migrants through its Aegean islands and land border with Turkey ...
HONG KONG: In his first public remarks since he was arrested under Hong Kong's National Security Law earlier this month, ...
MOSCOW, Russia: Following the closure of a number of Russian state news outlets in the West, this week the Russian ...
LONDON, England: A joint declaration to boost defense and security collaboration was signed between Britain and Lithuania this week. London ...
TOKYO, Japan: A new high-density electric battery developed in Japan has the potential to power electric airplanes, according to industry ...
HONG KONG: In his first public remarks since he was arrested under Hong Kong's National Security Law earlier this month, ...
BEIJING, China - Amid a flurry of U.S. arrivals and a senior official's recent meetings with Tibetan refugee leaders in ...
SHANGHAI, China: Tesla plans to restore production at its Gigafactory 3 plant in Shanghai to pre-COVID-19 lockdown levels by this ...
TOKYO, Japan: U.S. President Joe Biden said this week that he supports calls for Japan to become a permanent member ...
JAKARTA, Indonesia: Indonesia, this week, summoned the UK's ambassador to explain the raising of a gay rights flag at the ...