Egypt raises interest rates to curb surging inflation

CAIRO (AP) — Egypt’s Central Bank says it has raised interest rates as the embattled Middle Eastern country continues to battle surging inflation and a depreciating currency. The bank says the most basic lending rate increased from 16.25% to 18.25%. Thursday’s hike aims to ease spiraling inflation, with the annual figure reaching 32.9% in February. Nearly a third of Egyptians live in poverty, according to official figures, and are struggling to keep up with rising prices. The prices of basic items such as grains, meat, poultry, fish and fruit, have risen drastically over recent months.