Inflation in Egypt officially reached 14.7 per cent in June, affecting imports and causing consumers to reduce their grocery spending
Inflation has soared in Egypt following Russia’s invasion of Ukraine, forcing Egyptians to cut back on groceries, according to a report by CNN.
A Cairo fruit seller, Hanna Ayyad, said his customers could afford only a fraction of what they once bought.
“Some people used to buy 5kg or 10kg of fruit,” he said. “Now they can buy 1kg or 2kg at most.”
At a Cairo supermarket, Haya Aref told CNN she now sought out cheaper, locally grown vegetables as the most affordable and healthy option.
Inflation in Egypt officially reached 14.7 per cent this month, up from 5 per cent last June.
In March, as foreign currency reserves fell, the government began a limited devaluation of the Egyptian pound, which lost 17 per cent of its value in mere days.
This, along with other government measures, has made importing more difficult, impacting both consumers and businesses.
In return for a US$12bn loan, the IMF has demanded the introduction of new income taxes, the sale of public assets and cuts to energy and food subsidies.
Experts like Amr Adely, a researcher with the Carnegie Endowment for International Peace, have predicted social instability and unrest in the country, the International Bar Association reported, pointing to the recent spring riots over bread supplies and the 2011 uprising that called for “bead, freedom and social justice”.