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Inflation in Egypt: the maximum of the last 30 years
 The inflation rate in Egypt in April peaked over the last 30 years. The annual inflation rate amounted to 31.5%. 13.May.17 12:55 PM By Christina Orlina Photo Toinnov.com |
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In March the figure was 30.9% due to rising prices for food, many Egyptians are forced to go on a vegetarian diet. “We only eat beans and falafel, but they are very expensive. Before we could buy beans for one pound, it was enough for breakfast for the whole family, but today's breakfast is two and even three pounds, and falafel has to pay five pounds”. In recent months the cost of staple foods such as rice, flour and sugar increased by 80%. In November last year, the country's Central Bank announced the introduction of a floating exchange rate of the Egyptian pound by doing one of the fundamental conditions of the IMF for granting the loan. During this time, the Egyptian currency lost half of its value. | |
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