Egypt gets ready for Eid al-Adha amid sacrificial animals stabilisation, economic challenges
Date
5/27/2024 5:56:51 AM
(MENAFN) As Eid al-Adha approaches, Egypt's market for sacrificial animals remains relatively stable, despite a noticeable slowdown in buying and selling activities. This tranquility occurs amidst broader economic conditions and elevated inflation rates, which have inevitably affected the purchasing power of citizens.
Concurrently, the Egyptian government has been actively involved in price control measures, striving to ensure reasonable meat prices for its citizens. Given the country's reliance on imported meat to meet domestic demand, owing to insufficient local production, such efforts have become crucial in mitigating market imbalances. Recently, the government took steps to alleviate price pressures by offering 20,000 fresh livestock heads through designated outlets. Additionally, it supplied adequate quantities of meat to outlets under ministries' purview, ensuring affordability for citizens and fostering market equilibrium.
Despite the relative stability observed in commodity prices, Egypt continues to grapple with persistently high price levels, presenting ongoing challenges for its populace, particularly concerning essential food items. Notably, the latest data from the Central Agency for Public Mobilization and Statistics, released on May 9, 2024, revealed a monthly consumer price index increase of 1.1 percent in April 2024, a slight decline from the 1.7 percent recorded in the same period the previous year. Moreover, the annual inflation rate stood at 32.5 percent in April 2024, down from 33.3 percent in March 2024. This downward trend was attributed to a decrease in prices across various commodity categories, including meat and poultry, which experienced a 1.8 percent decline.
Against this backdrop of economic dynamics and government interventions, Egyptians navigate the preparations for Eid al-Adha, finding reassurance in stable sacrificial animal prices while confronting the broader challenges posed by inflation and affordability of basic necessities.
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