CAIRO (MEMO) – Egyptians took to
social media to express their anger after the government distributed bare beef bones to the poor in Alexandria, in the north of the country.
The Egyptian Welfare Ministry, however, claimed that this was done at the request of the families being helped.
“A donor gave a calf to a charity,” the Welfare Ministry said. “The charity slaughtered it and distributed its meat. Then, the simple people, who benefited from it, asked for the bare bones to use in making soup.”
Social media users said this was “humiliating.”
Egypt’s annual urban consumer price inflation accelerated in March to 10.5%, its highest in nearly three years and faster than analysts had expected, data from the state statistics agency CAPMAS showed.
The inflation figure, up from 8.8% in February, was greater than a median forecast of 10% in a Reuters poll of 14 analysts.
The price increases were caused in part by commodity shortages after the Ukraine conflict, sending inflation above the central bank’s 5-9% target and its 9.25% overnight lending rate.
Some analysts expect inflation to increase by even more in the months ahead.
“The rise in inflation trends is widely expected and will peak by August 2022, after which it will start to normalize,” said Radwa El Swaify of Pharos Securities Brokerage.
CI Capital’s Sara Saada, meanwhile, said the government was expected to increase fuel prices this month.
“Accordingly, we expect monthly inflation to peak in April to record annual inflation between 12.5-13%, which reflects higher petroleum products prices,” she said.