CAIRO: Egyptian President Abdel-Fattah al-Sisi said his country is doing everything it can to contain rising prices caused by global crises such as the Russia-Ukraine conflict.

"Prices in Egypt may have been higher in the last five or six months if the country had not begun on development initiatives that provide a wide range of products and services," Sisi said. He noted that the rise in inflation rates in affluent Western and European countries demonstrates how prices in Egypt could have been higher.

Meanwhile, according to reports, Sisi stated that price increases in the local market are not equal to price increases in the foreign market because the government bears much of the expense on behalf of the people.  He stated that the government has chosen to delay the scheduled increase in home power costs for the third time in a row in order to relieve the burden on individuals, particularly low-income citizens.

Egypt's annual inflation rate jumped to 15.3 percent in May, up from 4.9 percent the previous month, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). According to CAPMAS, the monthly inflation rate climbed by 0.9% in May compared to April.

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