Supply Ministry had boosted the support it provides to Egyptians by 20 percent in an effort to stabilize the price of key staples during Ramadan.
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Twelve people are seated around the dining table at Mokhtar Gamal's house, their mouths dry and bellies empty after a day of fasting during the holy month of Ramadan.Annual core inflation soared to 12.23 percent in May, two months after the central bank ordered the biggest one-time currency devaluation in more than a decade.With the pound officially trading at a 25 percent premium to black market dollars, policymakers Thursday tried to rein in prices by raising borrowing costs by 100 basis points, possibly setting the stage for another pound devaluation.The inflationary spiral has made things especially tough during Ramadan, when food prices generally jump. Within the past three weeks the cost of food has climbed, with a kilogram of rice, an Egyptian staple, nearly doubling in some markets to 9 pounds from 5 pounds. Supply Minister Khaled Hanafy, in a meeting with Sisi Sunday, said the ministry had boosted the support it provides to Egyptians by 20 percent in an effort to stabilize the price of key staples during Ramadan, the state-run Al-Ahram newspaper reported Monday.
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