Egypt's annual inflation spiked to 25.8 per cent in January from 21.3 per cent in the previous month, the highest in more than five years, according to figures released by the state statistics agency Capmas on Thursday.
The rise, the highest since December 2017, was more than expected, with economists this week having forecast a slight increase to 23.75 per cent.
The soaring inflation reflects the struggle faced by most Egyptians as they try to make ends meet on a daily basis.
Nearly 30 per cent of Egypt's 104 million people live in poverty and many more hover just above the poverty line.
Thursday's inflation figures follow a series of currency devaluations starting in March last year that stripped the Egyptian pound of nearly 50 per cent of its value.
Adding to the economic woes of the most populous Arab nation is a persistent shortage of foreign currency, causing continuing delays in getting imports into the country and subsequent shortages of some goods and manufacturing material.
The latest figures also come one day after Prime Minister Mostafa Madbouly announced his government's intention to sell stakes in 32 state-owned companies between now and the end of the first quarter of 2024.
These include three banks and two military-owned companies, as well as enterprises in insurance, energy, electricity and ports.
On Thursday, President Abdel Fattah El Sisi said the government was prepared to offer all the companies run by the military's National Service Projects Organisation to investors.
“We’re prepared to offer all the companies,” he said in televised comments.
He also floated the idea of a partnership between these companies and the private sector.
Rising inflation is mainly driven by higher food prices, which account for 32.7 per cent of the index's basket.
The price of meat and poultry, for example, increased by 18.9 per cent in January month-on-month. Dairy products and eggs were up 10.3 per cent, rising from 7.7 per cent in December.
Prices of other food items on the rise in January included oils and fats (11.1 per cent) bread and cereals (7.1 per cent) and fish and seafood (9 per cent).
"The latest inflation reading came in much higher than previously anticipated, as producers continued to raise prices, impacted by the local currency depreciation and the drop in supplies," Naeem Research said in a note on Thursday.
"We now expect urban inflation to cross 27 per cent by March, also factor in the incremental impacts of higher fuel prices [expected to be 10 per cent] into our model; in our view, requiring a hike in the policy rates of up to 200bps [basis points]."
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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- Individuals must register on UAE Drone app or website using their UAE Pass
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