Egypt to gradually increase prices of some services: Madbouly

Reuters

The government aims to reduce inflation in Egypt to below 20% by the end of this year

Staff Writer, Arab Finance

July 25, 2024

PHOTO

The Egyptian government will gradually raise the prices of various services in a way that will not add financial burdens on citizens and increase inflation rates, Prime Minister Mostafa Madbouly announced in a press conference.

Madbouly stated that the government aims to reduce inflation in Egypt to below 20% by the end of this year and under 10% by the end of 2025.

At the end of May, the government implemented a 300% increase in the price of subsidized bread, marking the first such adjustment in over three decades.

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