Watan-The state of anger among Egyptians continues amidst a significant rise in commodity prices, exceeding the citizens’ ability to cope.
A video circulated featuring a woman lamenting the price hikes, saying: ‘Children are hungry, they can only eat fruits, and I don’t know what to do.
“الناس بتاكل من الزبالة”.. مواطنة تشكو ارتفاع أسعار السلع الغذائية pic.twitter.com/VSY2RriIy9
— شبكة رصد (@RassdNewsN) January 7, 2024
And she added, ‘People are eating from the garbage… I’m not attacking anyone or talking to anyone directly. I’m speaking up for the prices to decrease a bit for the poor people… for those who are unemployed, for people with pensions.’
She continued, ‘Rent is expensive, water is expensive, electricity is expensive, food is expensive. How much is a bottle of oil? Rice, in our rice-producing country, now costs 35 pounds, sugar is 45 pounds, and oil is 80 or 85 pounds.’
The Egyptian woman concluded by saying, ‘Everything is expensive. How are we going to feed our children?
The government welcomed the new year with a wave of price hikes. The Egyptian government initiated the new year with a set of decisions related to raising prices on several services and products, adding to the burdens on citizens, especially in the absence of increased income and salaries.
This comes at a time when the economy is suffering from a catastrophic collapse due to inflation and a shortage of dollars.
Inflation Crisis in Egypt
The main inflation rate in Egypt reached 34.6% in the year until November. On a monthly basis, prices rose by 1.6% in August, down from a previous increase of 1.9% in July.
The Egyptian pound lost more than 50% of its value against the dollar since February 2022.
The official exchange rate for the dollar at the central bank reached 30.92 pounds, adding more burdens to millions of Egyptians who found their savings dwindling as the cost of living increased.
Official figures indicate that about 30% of Egyptians are in poverty.
Government Raises Prices
Telecommunication companies raised their internet service prices, with the government-owned Egyptian Telecommunication Company increasing internet service prices by about 33% starting January 5.
Private sector companies Orange and Vodafone also raised internet fees after approval from the National Telecommunications Regulatory Authority.
Electricity prices for households increased by a range of 16% to 26%, depending on usage, while industries experienced a 20% increase in electricity prices.
The increase in electricity prices is expected to add 0.7 percentage points to the monthly inflation rate in January, with an additional indirect impact in February.
The Egyptian Ministry of Transportation raised metro ticket prices by up to 20%, increasing the fare for a ride covering nine stations or less to 6 Egyptian pounds (0.19 dollars) from 5 pounds. For longer trips, ticket prices may rise even further.