Egypt’s New Cabinet Will Prioritise Mitigation of Price Hikes

Following President Abdel Fattah El-Sisi’s instruction to form a new cabinet in early June, a new directive has been issued that the new Egyptian government will make the mitigation of price increases a top priority.

The President’s comments come as Egypt has been suffering from a lack of foreign currency reserves and soaring inflation rates. Due to global rising wheat prices, and the country’s lack of foreign currency reserves, the Egyptian government recently raised the price of subsidised bread by 300%.