The war in Ukraine means trouble for Egyptian consumers

Egyptian households of all income levels are seeing their spending power erode fast. The economic crisis raises prospects of unrest in a country where a regime was overthrown just a decade ago. In recent months, scores have protested because of delays to new car deliveries caused by import restrictions and the devaluation of the local currency; Facebook groups were set up to find local alternatives for pet foods after imports were restricted. Poorer Egyptians have cut back on groceries.

Anticipating unrest, President Abdel Fattah el-Sisi has initiated a national dialogue with opposition figures. This is quite a different approach from the crackdowns on dissent that has kept thousands of people behind bars for years. 

Egypt's official inflation rate stood at 14.7% in June, up from around 5% at the same time last year, but consumers say prices have skyrocketed beyond this figure since the Russian invasion of Ukraine began in February.

Source: edition.cnn.com

 

Photo source: Dreamstime.com


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