An Egyptian petrol station worker counts cash collected from customers, in the capital Cairo on June 29, 2017. AFP / KHALED DESOUKI
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Hisham Gaber had been preparing his wedding for months, but started to have second thoughts as inflation in Egypt rocketed due to austerity measures, including sharp increases in fuel prices.The government Thursday announced an increase in fuel prices of up to 55 percent, the second since November when it also floated the currency in an IMF-backed reform program, which fueled inflation.Analysts believe the fuel price rises will further increase inflation although it was announced to have decreased in May to an annual rate of 30.9 percent, from 32.9 percent the previous month.About 28 percent of Egypt's 90 million people are poor, according to official figures from 2015 .But government social spending will cover only between 40 percent and 50 percent of the recent price hikes, Sweify said.
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