Ukraine War Aggravates Egypt's Economic Crisis

(AP) Samy Magdy - Russia's invasion of Ukraine has pushed up food and energy prices in Egypt. Egypt is the world's biggest importer of wheat. Annual inflation reached 26.5% in January, the highest in five years, with food prices in urban areas soaring 48%. The prices of rice, cooking oil, bread, and eggs have all doubled in Cairo's supermarkets. In response, the government has bolstered welfare programs, raised salaries of civil servants, and postponed cuts to subsidized bread and planned electricity price hikes. It also established hundreds of government-owned markets across the country that sell staples for cheaper prices.

2023-03-02 00:00:00

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