Over the past months, the economy has become the talk of every gathering across Egypt. Whether you are in business, a consumer trying to find a product you need at a price you can afford, a government official thinking about the growing number of challenges facing the economy, or just a private citizen, concerned about the wellbeing of the country, the economy is likely to have been a main feature in your recent conversations. As Egypt grapples with the challenges of increasing inflation and the changes in interest rates, citizens try to make sense of the causes of these events, asking themselves what they mean, how they are related, how they came about, and how best to circumvent the difficulties they present. Here are a few questions you may be asking yourself about the situation, and a few answers that might help you understand the bigger picture. What is inflation? In simple and practical terms, inflation is the rise in prices of goods and services. For example if yesterday a ta’meya sandwich cost EPG 10, and today it costs EGP 12, then its price has ‘inflated’ by 20 percent. Overall…
Raised Interest Rates and Inflation: What Does It All Mean For You?
June 2, 2022
