Egyptian consumers are encountering a surge in prices for essential goods and services, adding to the challenges faced by the government in curbing soaring inflation rates.
Recent adjustments in internet service fees by telecom companies have compounded financial strains for citizens. Telecom Egypt, the state-owned telecommunications operator, is set to implement a substantial 33% hike in internet service fees effective from January 5th. Following suit, private providers like Orange and Vodafone have also raised their internet service rates, receiving the green light from the National Telecommunications Regulatory Authority.
In parallel developments, local media outlets have reported a pending approximate 15% hike in electricity prices, though no official announcement has been made by the electricity authority.
Adding to the financial burden, the Egyptian Ministry of Transport announced a hike in Cairo subway ticket prices effective from January 1st. The adjustment sees an increase of up to 20% in fares, with tickets for travel up to nine stations escalating from 5 Egyptian pounds to 6 Egyptian pounds ($0.19). Longer journeys have also seen a corresponding rise in ticket costs.
These price hikes come against the backdrop of Egypt’s headline inflation rate, which soared to a staggering 34.6% as of November 2023. The steep increase in the cost of living is placing significant strain on Egyptian households and amplifying concerns over affordability.
The ongoing struggle to rein in inflation remains a significant challenge for the Egyptian government. As citizens grapple with these price escalations, authorities are navigating economic measures to balance the need for fiscal stability while mitigating the financial burden on the populace.