Egypt's benchmark stock index soared on Tuesday ahead of its developing-nation peers, as international investors showed more interest in a market that has seen recent government reshuffles and reforms aimed at strengthening its economy. But the improving macroeconomic outlook has yet to translate into relief for consumers preparing for Ramadan, as inflation continues to weigh on food budgets.

“The average Egyptian is still going to find it hard to make sure that their tables are stocked this Ramadan in the way that they would have perhaps several years ago. Better than last year, yes, but it's still going to be hard," Mirette Mabrouk, senior fellow and founding director of the Egypt program at The Middle East Institute in Washington, told Al-Monitor.

“But, having said that, I don't really expect spending to be down considerably," she added.

Ramadan is due to begin Thursday. Egyptians typically spend more during the Islamic holy month than they do during the rest of the year, mainly because of higher food consumption for large, sometimes lavish iftars when they break their fast.