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Egypt likely to raise monthly food subsidies by 29 percent

Published: Updated:

Egypt’s government is considering raising monthly food subsidies received by millions of Egyptians by 29 percent to 27 pounds per person to help ease the impact of rising prices on low income families, two sources at the finance ministry told Reuters.

Around 70 million of the country’s 92 million population are beneficiaries of a subsidy card program that currently entitles them to 21 Egyptian pounds ($1.16) month of goods offered at state-approved supermarkets in addition to five loaves of bread per person per day.

Living costs have soared since the import-dependent country floated its currency in November, roughly halving its value. Inflation hit a 30-year high in February, including an over 40 percent increase year-on-year to prices of food and beverages.