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Egypt’s annual inflation rate witnessed successive increase of 16.2 percent in October from 15 percent last month, according to the state-run statistics agency CAPMAS said on Thursday.
This increase has underlined the impact of the Russian-Ukrainian war as the dollar rose against the local currency.
In October, food and beverage prices had jumped by 23.8 percent year-on-year, which were the largest contributor to the higher inflation in Egyptian cities, the data showed.
Egypt is witnessing economic challenges represented in attracting the influx of dollars, after billions of dollars of foreign investors exited from the local debt market since the U.S. Federal Reserve began raising interest rates.
