Egypt hikes fuel prices amid global inflationary pressures

 By NOHA ELHENNAWY
Associated Press

CAIRO (AP) — The Egyptian government has increased fuel prices by nearly three percent, as global inflationary pressures spike in the wake of Russia’s war on Ukraine. The Friday move is expected to exacerbate economic pressures on the country’s ailing middle class, which has been hit hard in recent years by the various austerity measures, dictated by the government’s ambitious economic restructuring program. The new prices were announced on the cabinet’s Facebook page and came into effect Friday morning. Hikes of fuel prices are expected to reflect on inflation rates, which already jumped from 10 percent in February to 12 percent in March, according to the state-run statistics bureau.