North Africa’s Economy

Egypt: After wishing each other a happy new year, Egyptians see price hikes that will make 2024 not such a happy year

Egypt: After wishing each other a happy new year, Egyptians see price hikes that will make 2024 not such a happy year

Immediately after “winning” a third term at the end of December 2023, President Abdelfattah Al-Sisi ordered the “progressive” dismantling of the so-called subsidies. Overnight, as the calendar shifted to 2024, the prices of electricity increased by as much as 26%. As you would expect many other products followed immediately, such as the prices for accessing the Internet up 33%, the price of Cairo metro ticket up by 20%. And that’s just the beginning. In the coming weeks and months, check out the prices of food and basic commodities soaring again, as the Egyptian Pound likely to lose more value.

Tunisia suffers hours-long power outage

A sudden power outage hit Tunisia Wednesday, causing a nationwide blackout for about three hours due to technical problems, the electricity and gas company STEG said. The outage came about 1:00 am (0000 GMT) "due to a sudden breakdown" in the Rades power plant in the...

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Egypt: After wishing each other a happy new year, Egyptians see price hikes that will make 2024 not such a happy year
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