Creating new perspectives since 2009

Food prices in Egypt up by nearly 70% in July

August 10, 2023 at 12:46 pm

An Egyptian man arranges fruits at a shop in a market in Cairo. [KHALED DESOUKI/AFP via Getty Images]

Food prices increased by nearly 70 per cent in Egypt in July, amid the continuing consequences of the devaluation of the Egyptian pound and the rise in global food commodity prices.

Data issued by the Central Agency for Public Mobilisation and Statistics (CAPMAS) yesterday showed that the annual inflation rate in the country was recorded at 38.2 per cent in July, up from 36.8 per cent in June.

Faced with this increase, food and beverage prices rose to 68.2 per cent last July, from 64.9 per cent in June, according to the agency’s data.

The prices of cereals and bread increased by 55.7 per cent last month, while the prices of meat and poultry increased by 93.4 per cent.

Likewise, the prices of fish and seafood increased by 83.4 per cent, and the prices of dairy, cheese and eggs rose by 64.7 per cent.

Egyptians and the drug shortage crisis

The prices of oils and fats increased by 30.6 per cent, the prices fruit by 42.8 per cent, the prices of vegetables by 82.3 per cent, and the prices of sugar and sugary foods by 38.4 per cent.

Egypt is the largest importer of wheat in the world, with more than 12 million tonnes imported annually, while the annual domestic consumption is about 23 million tonnes, according to data from the UN Food and Agriculture Organisation (FAO).

The figures for food price inflation come after Egypt reduced the exchange rate of the Egyptian pound three times since March 2022, from an average of 15.7 pounds against the dollar, to 30.9 pounds.