Annual inflation rate in Egypt reaches new high as currency surges

Prices in Egypt continue to surge and the country's currency continues to depreciate. The annual inflation rate in Egypt also reached a new high in January.

During January, the prices of basic commodities in Egypt rose steadily. The cost of bread and cereal increased on average by 6.6% while the price of meat and poultry climbed by 20.6%, the bureau said.

The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic and the fallout from the war in Ukraine. Egypt is the world’s largest wheat importer, with most of its imports having traditionally come from eastern Europe.