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FinancialNews
01-08-18
Egypt's rising inflation affects living standards
(MENAFN) Egypt has been struggling with growing inflation rates along with the devaluation of the currency, leading its citizens to downgrade their living standards.
It comes after the Egyptian government raised gas prices by 50 percent, and increase electricity prices by 26 percent a month ago.
Ibrahim, an Egyptian citizen, commented "we wonder how can we buy clothes for our kids and feed them as well. Unfortunately, the middle class does not exist. We have a lower and upper class."
Clothing prices in Egypt have also been increase by over 150 percent since 2016, while citizens rely on government ration cards in order to purchase food.
MENAFN0108201800450000ID1097229300
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