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Egypt: Inflation in double digits as Ukraine war continues

Inflation in Egypt into double digits as Ukraine war

SHAFAQNA- Egypt’s dependence on Ukrainian imports has raised fears of hardship as inflation hits 10 percent. Inflation in Egypt rose to 10 percent in February, according to official figures released on Thursday (10 Mar 2022), as the country braces itself for economic woes as a result of Russia’s invasion of Ukraine.

“The annual headline inflation rate recorded 10 percent for February 2022, compared to 4.9 for the same month last year,” the Central Agency for Public Mobilisation and Statistics (CAPMAS) said in a statement.

In May 2019, the inflation rate in Egypt – a country heavily dependent on Ukrainian wheat – hovered at 11 percent, before easing in the following months. CAPMAS attributed the latest hike to a surge in prices of food especially vegetables, bread and grain.

Source: middleeasteye

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