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

For Egypt and other Middle Eastern nations grappling with the impact of the Ukraine war, rising prices are cause for concern. Just 10 years ago, revolutions across the region toppled longtime dictators partly because of a rise in the price of commodities.

"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.

Ukraine's neighbors have had more than three-and-a-half million refugees cross into their territories since Russia's late February invasion. But the impact of the war has extended much further afield, with global oil prices rising to almost-decade highs and grain prices soaring amid a shortage from a region that is often referred to as the breadbasket of Europe.