Egypt raised on Saturday natural gas prices for households and businesses by between 33.3 and 75 percent to meet austerity demands by the International Monetary Fund. The governments decision, published in the official gazette on Saturday, should come into effect starting in August 1. It sets the price for gas consumption of up to 30 cubic meters to 1.75 Egyptian pounds up from 1 pound per cubic meter, an increase of 75 percent. Meanwhile, gas consumption between 30-60 cubic meters went up by 42.8 percent, from 1.75 Egyptian pounds to 2.50 pounds per cubic meter. Consumption of over 60 cubic meters was upped by 33.3 percent, from 2.25 pounds to 3.00 pounds per cubic meter. The statement did not specify the timeframes over which the consumption levels apply. But officials said they covered the usual billing period, which is monthly in Egypt. The austerity policies are part demands by the IMF for a $12 billion bailout loan to support the governments reform plan. Egypt secured the three-year loan in 2016. Price hikes under the IMF program helped drive up Egypt’s annual urban consumer inflation rate to 14.4 percent in June. Analysts said the impact of cutting energy subsidies was feeding through to the broader economy faster than expected. President Abdul Fattah al-Sisi says the reforms, he implemented after he took office in 2014, have put Egypt on "the right track" and that they will spur economic growth by over seven percent in the coming years. He urged Egyptians to be patient with the reforms, which the government says should start benefiting citizens within two years. In recent months, Egypt introduced its latest wave of price hikes for fuel, drinking water and electricity. It also raised the price of new cellular phone lines and monthly cellular phone bills. Charges for issuing passports and car licenses also went up steeply.