The annual inflation rate in Egypt rose to 10 percent in February, the highest since mid-2019, at a time when the world is witnessing a noticeable increase in prices due to the Russian invasion of Ukraine.
The annual inflation rate in Egypt reached more than 11 percent in May 2019, before heading down until this March.
According to the Egyptian Central Agency for Statistics, the annual inflation rate for the whole of the republic recorded 10 percent in February, compared to 4.9 percent during the same month of the previous year. The Statistics Authority attributed the increase in the inflation rate to the rise in food and beverage prices by 20.1 percent, on top of which are vegetables, fruits, bread and grains.
The Food and Agriculture Organization of the United Nations (FAO) announced that global prices of food commodities reached a record level in February, driven mainly by vegetable oils, in light of a limited supply exacerbated by the Russian attack on Ukraine. The FAO Food Price Index increased in February by 3.9 percent, compared to the previous month, to reach 140.7 points, compared to 135.7 points in January.
Source (Al-Arabiya.net website, Edited)
