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World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday. The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, averaged 133.9 points in October, down from a revised 135.6 in September. The index was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.
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Amid regional economic crisis, Egypt doubles down on austerity
Egypt will cut government fuel use by 30% and electricity by 20%, freeze new projects and restrict spending amid regional economic uncertainty.