Egypt’s inflation rate spikes in March amid Ukraine war

CAIRO (AP) — Egypt says  its annual inflation rate has surged past 12% in March, up from 10% in February. The increase announced Sunday is largely because of Russia’s war in Ukraine, which strained global markets and sent oil prices to record highs. The data shows price hikes across many sectors, from fuel, electricity and food items to housing, medical services and entertainment. The hikes have inflicted a heavy burden on consumers, especially lower-income households and particularly for everyday necessities. The figure covers the period from April 1, 2021, to March 30, 2022. The Central Bank last month raised its main interest rate and devalued the local currency against the U.S. dollar to fight inflation.