The Egyptian Cupboard agreed, in its assembly right this moment, to acquire a call from the Minister of Electrical energy and Renewable Power, to repair the electrical energy promoting costs at present utilized, and to increase the postponement of the implementation of the deliberate enhance within the accredited electrical vitality sale tariff, for one more six months, till January 1, 2024.
The council stated in a press release that with this process, the state can have postponed the beforehand determined will increase for a interval of 18 months, taking into consideration the financial situations and challenges.
The federal government is making an attempt to mitigate the results of mounting inflationary pressures.
In keeping with knowledge introduced by the Central Company for Public Mobilization and Statistics in Egypt, a number of days in the past, the annual inflation of shopper costs in Egyptian cities rose in July to an all-time excessive of 36.5%, in keeping with analysts’ expectations, with a pointy rise in meals costs recorded.
The inflation charge in Egyptian cities in June reached 35.7%, which can be a file excessive. On a month-to-month foundation, costs rose 1.9% in July, down from 2.08% in June.
The median forecast of 15 analysts surveyed stated annual city shopper worth inflation would rise to 36.5% in July.
The central company stated meals and beverage costs rose 68.4% year-on-year in July.