Tunis, 12 Jul (Xinhua) -- Communications: Prices soar The people of many countries in West Asia and North Africa have "cut down on food and clothing" to celebrate the Festival of Eid al-Adha
Xinhua News Agency reporter Xu Supei Huang Ling
Many countries in West Asia and North Africa began the Eid al-Adha holiday on July 9, but persistent inflation diluted the festive atmosphere. People are unable to hold traditional celebration ceremonies, business sales are dismal, and many people bluntly say that Eid al-Adha is "unhappy".
"Group" to buy sheep for the festival
People lead cattle through a livestock market in Ankara, Turkey, on July 9. Many countries in West Asia and North Africa began the Eid al-Adha holiday on July 9, but persistent inflation diluted the festive atmosphere. People are unable to hold traditional celebration ceremonies, business sales are dismal, and many people bluntly say that Eid al-Adha is "unhappy". Xinhua News Agency (Photo by Mustafa Kaya)
Eid al-Adha and Eid are important local festivals. At present, global prices are rising, inflation in West Asia and North Africa is high, and people have no choice but to choose to be frugal.
In Tunisia, inflation soared to its highest level since October 1991 in June, and many families had to make a careful budget, choosing to "group" sheep with relatives and friends for the holidays – while maintaining a certain festive atmosphere, allowing their families to eat lamb, which is rare on the table.
"Depending on the size, the price of a sheep is between 550 and 1500 TND (1 US dollar is about 3.1 TND), and I have to buy it with my brother's family to be able to afford a sheep." Lassad Vanes, a taxi driver in El Yanai province, told reporters that the price of a lamb exceeded the local minimum monthly wage.
In Lebanon, the sharp depreciation of the Local Currency, the Lebanese Pound, has led to a significant decline in the purchasing power of the local population, and many have been forced to abandon the tradition of buying sweets and pastries to entertain friends and family.
People line up to buy bread in Tripoli, Lebanon, on July 10. Many countries in West Asia and North Africa began the Eid al-Adha holiday on July 9, but persistent inflation diluted the festive atmosphere. People are unable to hold traditional celebration ceremonies, business sales are dismal, and many people bluntly say that Eid al-Adha is "unhappy". Xinhua News Agency (Photo by Khalid Khabashti)
"High prices put a heavy strain on everyone. Raw materials had to be purchased in U.S. dollars, and no one accepted payment in Lebanese pounds. Even if the supplier accepts LGBP, they will ask us to pay at the black market exchange rate. Beirut confectionery shop worker Zakia Khatib said.
The annual spending season is cold
Can't afford to buy corresponds to not being able to sell. Eid al-Adha used to be the peak sales season of the year, and multinational herders face greater pressure to sell in the market due to reduced demand due to a general decline in purchasing power.
A week ago, 59-year-old Mohammed Mili set out from the northern Tunisian province of Bissertá to rent a stall at a livestock market in Ayrjanai province to sell 30 sheep he had brought.
Until the day before Eid al-Adha, he had sold only 10 sheep. Many people wandered around the stalls, asked for prices, and then left without buying anything.
"Maybe it's this year's price that scares away customers. But the cost of feed has risen so much, this price is reasonable. Millie complained that the sheep he had brought with him had long since been sold out by this time.
According to the Tunisian Agricultural and Fisheries Association, the price of compound feed has increased by about 40% in 2022. The association noted that most types of feed in the region are supplied from abroad and are greatly affected by international prices.
In Yemen, the chaos and divisions caused by the civil war in recent years have made it difficult for livestock and grain to circulate across provinces. "I had livestock for a year and a half, but I had to sell some for half or less to buy food, medicine and clothes for my family. I also need to pay off the debt that I've accumulated over the months. Farmer Fayyad Ali said.
Anti-inflation measures have had little effect
Many countries in West Asia and North Africa have long had heavy debt burdens and are highly dependent on food imports, which, combined with this year's high inflation, has further reduced their resilience to stress.
People buy clothes at a clothing store in Cairo, Egypt, on July 6. Many countries in West Asia and North Africa began the Eid al-Adha holiday on July 9, but persistent inflation diluted the festive atmosphere. People are unable to hold traditional celebration ceremonies, business sales are dismal, and many people bluntly say that Eid al-Adha is "unhappy". Xinhua News Agency (Photo by Ahmed Goma)
At present, Egypt, Turkey, Tunisia and other countries have introduced a series of measures to help people cope with the rapid rise in food prices, but the effect is limited, and inflation rates in many countries continue to rise.
Hawkers sell balloons at an amusement park in Sana'a, Yemen, on July 11. Many countries in West Asia and North Africa began the Eid al-Adha holiday on July 9, but persistent inflation diluted the festive atmosphere. People are unable to hold traditional celebration ceremonies, business sales are dismal, and many people bluntly say that Eid al-Adha is "unhappy". Xinhua News Agency (Photo by Mohammed Mohammed)
Ahead of ramadan in April, Egypt introduced a number of measures to protect people's livelihoods, including increasing the number of stalls selling food with state subsidies, strengthening market price regulations, and banning the export of wheat, broad beans, lentils, pasta and various flours.
According to The Egyptian Central Bureau of Public Mobilization and Statistics, inflation in Egypt was 14.7 percent in June, compared to just 5.3 percent in June last year.
Turkey has one of the highest inflation rates in the world, rising to 78.6 percent in June, the highest in 24 years, with food prices soaring 93.9 percent year-on-year and transport costs soaring 123.4 percent over the same period.
Some analysts point out that the Fed entered a rate hike cycle to cope with domestic inflation, driving global interest rates up and impacting emerging markets. If there is a serious capital outflow and currency depreciation in a short period of time, many countries in West Asia and North Africa may find it difficult to repay their debts, triggering a balance of payments crisis.