At a time when the Egyptian pound has been struggling against the US dollar, the prices of basic commodities, mostly imported, witnessed unprecedented hikes which put low and average-income households in a dire situation. On Wednesday, the Egyptian pound weakened by more than 13%, reading a new low of below 32 Egyptian pounds against the US dollar. The US dollar jumped to as much as 29.7 pounds at the time of publishing. In October last year, the Central Bank of Egypt implemented an exchange rate flexibility, allowing the pound’s value to be regulated by market forces in a bid to save an alrea…