Egypt increases fuel prices by 10 percent

Egypt increased fuel prices by 10% to 17% likely driving up costs of goods and services. The government cited in a statement on Facebook the need to narrow the gap between the selling price of petroleum products and their production and import costs. This comes amid soaring inflation, which has strained Egyptians with higher living expenses, including a previous 10% fuel hike, rising subway fares, and a weakening currency over the summer.