Egypt's year-on-year inflation hit a five-year high of 18.7 per cent in November — up from 16.2 per cent the previous month.
Figures released on Thursday by the state statistics bureau underline the country's economic woes and the difficulty faced by most of its 104 million people to make ends meet in the face of soaring prices, particularly for food.
They follow a currency devaluation in October — the second this year — and continuing restrictions on imports that have hit manufacturers and contributed to price rises.
The rising inflation rate is “driven by higher production costs, amid a weakening Egyptian pound, in addition to supply shortages”, Naeem brokerage said in a forecast earlier this week.
Egypt's economy has been battered by the fallout from Russia's war in Ukraine, which followed a slump caused by the Covid-19 pandemic.
The government has sought help from the International Monetary Fund, with which it reached a preliminary deal in October for a $3 billion loan to overhaul its finances.
A shortage of foreign currency has led to a backlog of imports at the country's ports, leading to a shortage of imported goods and a significant increase in their prices.
Meanwhile, import restrictions have caused a shortage of foreign manufacturing components, disrupting production and threatening layoffs.
Prime Minister Mostafa Madbouly said on Wednesday that his government needed another two months to clear the backlog of imported goods.
“It will not be resolved overnight. We are doing everything we can,” he said.
Efforts to suppress “unrealistic” price increases were restricted by the government's concern that heavy-handed policies could lead to hoarding and profiteering.
“Intervening to control prices must be carefully weighed,” he said.
“Harsh measures by the government can cause the disappearance of goods. We deal with this rationally and through contacts with chambers of commerce.”
Mr Madbouly urged Egyptians to use hotlines to report unrealistically high prices for food items, stressing that the government cannot monitor every food outlet in the country.
He said a package of government measures had shielded the majority of Egyptians from the rise in prices since the Ukraine war began in February.
In addition to an increase in what some 70 million Egyptians can buy with state-subsidised food cards, the government has raised pensions and the minimum wage for state employees and put off scheduled increases in domestic electricity tariffs.
“Without these measures, prices would have gone to a totally different place,” Mr Madbouly said.
He acknowledged that the government's limited resources stopped it from doing more, saying: “We cannot deliver what's beyond our capabilities.”
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May
INFO
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
RUGBY CHAMPIONSHIP FIXTURES
September 30
South Africa v Australia
Argentina v New Zealand
October 7
South Africa v New Zealand
Argentina v Australia
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
Memory: 64/256GB storage; 8GB RAM
Main camera: 12MP wide, f/1.8, Smart HDR
Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps
Audio: Stereo speakers
Biometrics: Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
Finish: Space grey, starlight, pink, purple, blue
Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The years Ramadan fell in May
