Price Of Basic Goods In Egypt Go Up By 20% At Government Outlets

The price of sugar in Egypt has risen by 14% and cooking oil by 20% at government outlets. Cooking oil will rise to 60 cents for an 800ml bottle, up from 50 cents. Sugar prices will rise to eight Egyptian pounds per kilogram from 7, Egyptian Pounds. The North Africa country of over 90 million people provides subsidized goods at government outlets to defray the cost of living in a country where core inflation rose to a staggering 25.86% in December. Egypt has committed to implementing economic reforms as part of a three-year, $ 12 B International Monetary Fund loan it secured last year to kick-start its ailing economy. Authorities however say they need to maintain social safety nets to soften the blow of austerity for its poorest citizens.