Egypt’s annual inflation surged to a new high in January, as Egyptians continue to battle ongoing price hikes and a depreciating currency, the country’s statistics bureau said Thursday.
The state-run Central Agency for Mobilization and Statistics published figures showing that the annual inflation stood at 26.5 percent last month, up from 21.9 percent in December 2022. In January 2022, the same figure stood at just 8 percent, before spiking following the outbreak of Russia’s war in Ukraine in February last year, shaking the world economy.
During last month, the prices of basic commodities in Egypt rose steadily. The cost of bread and cereal increased on average by 6.6 percent while the price of meat and poultry climbed by 20.6 percent, 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.
Greatly affected by the enduring hikes are Egypt’s lower-income households, most of whom are reliant on government subsidies for basic goods such as bread. Nearly 30 percent of Egyptians live in poverty, according to official figures….