Egypt raises interest rates as it battles spiraling inflation and households struggle to keep up

CAIRO (AP) — Egypt’s Central Bank announced a new hike in interest rates as the cash-strapped North African country battles surging inflation and a depreciating currency. The bank said Thursday that its monetary policy committee agreed to increase its most basic lending rate from 18.25% to 19.75%. Egyptian, particularly working class households, are struggling to keep up with rising prices, which have soared since Russia invaded Ukraine last year. The annual inflation rate reached 36.8% in June. Over the past year, Egypt’s central bank has sought to offset rising inflation by hiking its main interest rates.