Just When You Thought That Pre-Passover Prices Were Bad: Here Comes Ramadan!

This post from the LA Times blog Babylon and Beyond is only describing Egypt:

As Egyptians welcome Ramadan this week, their spiritual harmony may be tested by the rise in food prices that has taken place immediately before the start of the Muslim holy month.

A report by the Consumers' Protection Agency highlighted a steep jump in the prices of 11 commodities sold at supermarkets: Rice rose by 32% to reach 4.85 pounds ($0.85) per kilogram and sugar saw an increase of 30% to reach an average 4.55 pounds ($0.80) per kilogram. The price of eggs spiraled up by 43%. Even the cost of government subsidized food for the poor has jumped.


Grocer Nasser Ahmed said increased food prices have become hallmarks of both Ramadan and the days before the government gives pay raises to employees. "Everything has gone up 20% more than usual and the government is well aware of such increases," Ahmed said, blaming a high demand for all commodities at this time of the year.

Vendors complain of a monopoly by wholesalers and poor government supervision over pricing. Mohamed Ragab, a member of the Cairo Chamber of Commerce, said many stores and shops rigged the market by hoarding good for months and then selling them for higher prices as the demand rose.

The profits the stores make on Ramadan only encourages more price gouging--in spite of Egypts less than stellar economy:

Despite the fact that 40% of the population live on less than $2 a day, a recent report issued by the Central Agency for Public Mobilization and Statistics mentioned that Egyptians spend 30 billion pounds, or about $5.5 billion, on food during Ramadan.

So next Passover, when the prices go up, there actually is someone to commiserate with.
But while Egyptians may appreciate what we go through--don't expect any pity from the rest of the Muslim world:

• UAE cuts Ramadan food prices
• Indonesian President Orders Stable Food Prices for Ramadan
• Algeria traders union rules out Ramadan food price hikes
• Qatar moves towards keeping Ramadan food prices under control

Feeling jealous yet?

Technorati Tag: Ramadan and Egypt.