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Egypt caps bread prices as shockwaves of Ukraine war hit Middle East

“This crisis may be significantly more severe than the coronavirus crisis,” said Egyptian prime minister Mostafa Madbouly during a cabinet meeting Monday, referring to the economic impact of Russia’s war in Ukraine. Particularly hit are Middle East countries that rely on both Russia and Ukraine, two of the world’s top grain exporters, for the bulk of their grain imports. For Egypt and other Middle Eastern nations grappling with the ripple effects of the war, that’s a cause for concern. Just 10 years ago, revolutions across the region toppled longtime dictators partly because of a rise in the price of commodities….

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