Surging Inflation Hits Egyptians Hard as Food Costs Soar and Currency Plummets
- Egypt's annual inflation rate hit a new high of 39.7% in August
- Food prices rose over 70% compared to August 2021, driving inflation
- Egyptian pound lost over 50% of value against dollar since Ukraine war began
- About 30% of Egyptians live in poverty
- Egypt is world's largest wheat importer, importing heavily from Ukraine and Russia