Egypt’s inflation rate continues to surge amid Ukraine war

CAIRO (AP) — Egypt’s annual inflation rate has continued to surge since the beginning of the year amid Russia’s ongoing war in Ukraine that has shaken the global economy. The country’s statistics bureau announced on Tuesday that the inflation rate was up 2.8%, reaching around 14.9% in April, up from 12.1% in March. Prices have increased in many sectors — from fuel, electricity and food items to housing, medical services and entertainment. The hikes are driven by Russia’s war on Ukraine, which rattled world markets and caused oil prices to soar, threatening food supplies and livelihoods of people across the world.