A plunging Egyptian pound and record high inflation rates have many consumers tightening their spending this Ramadan. To combat the cost-of-living crisis, the government is running a low-price food market, but only during the holy month.

Cairo

During the holy month of Ramadan, Egyptians are facing a severe cost-of-living crisis, exacerbated by a rapidly depreciating Egyptian pound and historically high inflation rates. In response to these economic challenges, many consumers have been forced to adjust their spending habits, seeking ways to manage their expenses amid the soaring costs. To address the situation and provide some relief to the public, the government has taken the initiative to run a low-price food market. This initiative, however, is only available during Ramadan, aiming to alleviate some of the financial burdens that Egyptians are facing during this significant period.



Egyptians turn to cut-price markets as inflation hits Ramadan

Ramadan in Egypt is a time of prayers, fasting, and also the period of the highest average food consumption, as Muslims break fast after sunset and consume two meals at once. This year, a surge in food prices has led these shoppers to a government-run low-price food fare, in search of a deal. Flour is sold for 32 Egyptian pounds, but here it's sold for 26 pounds. Oil is 70 Egyptian pounds, but here it's available for 50. There's a big difference in prices. People were waiting to receive their salaries and rush here to buy their essential commodities, because they're very expensive at the retail shops. In February, annual urban inflation rose to over 35 percent, driven largely by a rise in food and beverage prices, according to Katma Statistics Agency. Food prices surged by 15.9 percent in February, up from a 1.4 percent rise in January. And last week, the Egyptian pound lost over 60 percent of its value, falling to about 50 to the dollar from 30.85. Hence the significance of the Welcome Ramadan fare, jointly organised by the government and the Chamber of Commerce, which provides free space for traders to sell their products at cost price. The area here has a size of 6,000 square metres and features over 100 companies selling strategic commodities at wholesale prices. The drawback? The food fare only operates during Ramadan. For these shoppers, they can only hope that it will continue throughout the year, as the country navigates record high inflation rates.

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