Egypt’s inflation continues to surge as food prices rise

CAIRO (AP) — Egypt’s statistics bureau says inflation hit a new high in January. It says the annual inflation stood at 26.5% last month, up from 21.9% the month before. In January 2022, the figure stood at 8%, before spiking after the outbreak of Russia’s war in Ukraine in February last year. During January, the prices of basic commodities in Egypt rose steadily. The authorities said on Thursday that the cost of bread and cereal increased on average by 6.6% while the price of meat and poultry climbed by 20.6%.  Egyptians continue to battle ongoing price hikes and a depreciating currency. Government figures say some 30% of Egyptians live in poverty.