Egypt to increase minimum wages, pensions within two months

Sabry added that this move aims to alleviate the impact of the global economic situation on the public, especially with the approach of the holy month of Ramadan.

“This step aligns with President Abdel Fattah El-Sisi's directives to support citizens and alleviate their financial burdens, given the unprecedented rise in price levels and inflation,” Sabry added in a phone call with the Salet El-Tahrir TV show on Sada El-Balad channel.

The anticipated wage increases will be the third in a year. 

Egypt’s headline inflation rates increased significantly throughout the first nine months of 2023, reaching a worrisome peak of 40.3 percent in September.

As of October, the inflationary trend began to slow down, with the annual headline inflation rate dropping to 35.2 percent in December 2023.

Prices, however, continued to rise, with experts attributing the matter to the pricing of goods and services per the USD exchange rate in the black market rather than the official exchange rate in banks.