Egypt’s inflation surges on amid currency’s dramatic slide

Egypt continues to battle surging inflation amid a dramatic slide of its currency as many Egyptians struggle with price hikes, the country’s statistics bureau said Tuesday.
The state-run Central Agency for Mobilization and Statistics released figures showing that the annual inflation was at 21.9% last month, up from 19.2% in November. That’s compared to 6.5% in December 2021, before inflation ballooned in 2022, following the outbreak of Russia’s war on Ukraine that rattled the world economy.
Prices in Egypt rose across many sectors, from food items and medical services to housing and furniture. Food prices increased by 4% on the average in December, with fruits and dairy products leading the list with 7.6% and 6.4% spikes, respectively.