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The Egyptian Cabinet decided last week to elevate the price of natural gas by 75% in August. The gas consumption between 30-60 cubic meters has been increased by 42.8% and consumption of more than 60 cubic meters has gone up by 33.3%. The surge in prices has raised concerns as LPG cylinders and natural gas is the main source of fuel for 75% of the Egyptian households.
Venezuelan economic crisis has taken an even steeper turn where people are trading food items for something as small as a haircut. Barter is now the currency of once the richest country in Latin America. Economists are of the belief that the inability of Government to print currency and keep up with inflation rate is the main cause of the worsening conditions.