With inflation figures climbing to another record high, Egypt decided to cut prices on staple foods in a move that is likely to only offer a temporary respite. For the fourth successive month, Egypt’s annual urban consumer price inflation reached an all-time high, accelerating to 38% last month, up from 37.4% in August. Sign up Also receive offers from The Africa Report Also receive offers from The Africa Report's partners“Prices were high because merchants had to resort to the back market to get the necessary dollars for their imports. Temporary solutionAnalysts argue that such measures can only offer temporary solutions, with the root causes of Egypt’s economic crisis not yet addressed. “The initiative comes in view of the presidential elections … this happens every election as a kind of propaganda.

Source: The North Africa Journal October 11, 2023 14:45 UTC