Egyptian protest results in skyrocketing food prices

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But as many citizens try to continue their everyday life with the ongoing protests, they are faced with the obstacles of inflating prices and closed banks. Bread prices, for instance, are hiking where “5 piester bread is not available anymore and 50 piester bread has jumped in price to 60 piesters.” The conversion is close to 100 piesters equaling about 17 U.S. cents, says Bloomberg.

And while prices are increasing with closed banks, many customers find themselves at a loss. Eman Shafik, an IT manager from Cairo, wasn’t able to find a working ATM to access her latest paycheck, tells Bloomberg, and she claims: “They stopped grocery delivery services and there are long lines. There is a shortage in cigarettes, juice, mint. Every day the prices increase more and more and people have no cash to buy the things they need.”

As the protests to remove President Hosni Mubarak from power continue, many Egyptians fear the inflation of remaining food sources will put the country into deeper chaos.

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The Egyptian protest has left the streets of Cairo in utter turmoil. Banks and government building are closed and guarded by military tanks from unruly protesters and looters alike. Those who have money, flood the remaining open store doors, in hopes of stocking up for future unrest in the city.

According to Bloomberg, many store owners are desperately trying to meet the demands of their customers, but with the ongoing protest and the inevitable looters at night, the process isn’t easy. Bloomberg’s informant Saed Ragab, a café owner from Cairo’s Bab El Louq area, claims: “The shops are at a standstill. It’s very difficult.” Panicked shoppers aim to stockpile in the event of future protests, but supermarkets are hard pressed to meet the demands of their shoppers. Shelves are emptying faster than stock can be put on them. Also, the nightly threat of looters have many store owners closing. Carrefour SA closed all seven of its Egyptian stores after looting at an outlet in a Cairo suburb, a spokesman for the company told Bloomberg.

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