Egypt enters 2024 with more price hikes amid high inflation

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Egypt enters 2024 with more price hikes amid high inflation

At least one can hope that the new year will bring better luck and life. Around the world, including Pakistan, people were having a hard time because of rising prices and less money to spend. Many were hoping that 2024 would bring some relief.

Egyptians, on the other hand, have been having a worse time since Cairo went to the International Monetary Fund (IMF) because their currency has lost value and their costs of living, especially food and energy, have been going through the roof.

Reuters says that Egyptians started the new year with a lot of price increases because the government is struggling to keep up with the high inflation rate.

The prices of internet services from telecom companies went up. For example, on January 5, the prices of internet services from Telecom Egypt, which is owned by the government, went up by about 33%, according to an official from the company who asked not to be named.

Also, private companies Orange and Vodafone raised their internet prices, which the National Telecoms Regulatory Authority seems to have okayed.

All-around inflation in Egypt in the year ending November was 34.6%.

According to news reports in the area, electricity costs will also go up soon by an average of 15%. As of now, the electricity minister has not said anything.

Officials in metro stations say that Egypt’s transport ministry raised the price of metro tickets by up to 20% on Monday. A ticket for a ride of nine stops or less went up from 5 Egyptian pounds to 6 Egyptian pounds ($0.19), and tickets for some longer trips went up even more.

In the meantime, everyone in Pakistan now knows how hard it is to please the IMF. We should have known this by looking up the organization’s history in Latin America, which the US sees as its own backyard.

Read more: Argentina will reach a deal on a delayed IMF review after lowering the value of its peso from 366 to 800 per dollar.

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