Egypt’s Inflation Rate Spikes in March amid Ukraine War

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Egypt said Sunday its annual inflation rate surged past 12% in March, up from 10% in February, largely because of Russia’s war in Ukraine, which has strained global markets and sent oil prices to record highs, the Associated Press reported. Data released by the Central Agency for Mobilization and Statistics shows price hikes across many sectors, from fuel, electricity and food items to housing, medical services and entertainment. The figures cover the period from April 1, 2021, to March 30, 2022. The hikes have inflicted a heavy burden on consumers, especially lower-income households, and particularly for everyday necessities. Most of Egypt’s more than 103 million population have suffered from price hikes since the government embarked on an ambitious reform program in 2016 to overhaul the country’s battered economy. Nearly 30% of Egyptians live in poverty, according to official figures. Read more.