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

By SAMY MAGDY
Associated Press

CAIRO (AP) — Egypt’s statistics bureau says the nation is continuing to battle surging inflation amid a dramatic slide of its currency as many Egyptians struggle with price hikes. The Central Agency for Mobilization and Statistics released figures on Tuesday 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 have risen across many sectors, from food items and medical services to housing and furniture. The higher inflation has inflicted heavy burdens on consumers, especially lower-income households.