Inflation rate rises in Egypt as food prices soar

The annual inflation rate in Egypt has hit its highest level for five years as food prices continue to soar.

The country's statistics agency said the rate had risen to more than 21% in December, almost 3% higher than in the previous month.

Rising prices have followed a currency devaluation in October and restrictions on imports.

The government has instructed ministries to cut non-essential spending until the end of the current fiscal year in June.

Source: BBC

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