Egypt’s inflation rate hits record high of 36.8% in June

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Egypt's annual inflation rate rose to an all-time high of 36.8 percent in June, up from 14.7 percent in the same month a year earlier, the country's Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Monday, reported Xinhua.

According to a statement by CAPMAS, food and drink prices registered a 64.9 percent increase compared to June 2022.

Among the factors that pushed up the record year-on-year rise, the most notable are increases in restaurants, alcohol and cigarette, furniture and appliances, according to the statement.

Urban inflation rate registered a month-on-month increase of 2 percent in June, the statement added.

The previous annual record rise of 34.2 percent was recorded in July 2017, which followed a sharp currency devaluation associated with securing a loan from the International Monetary Fund (IMF).

The Egyptian pound has lost half its value against the U.S. dollar since March 2022. The devaluation of the currency has led to a foreign currency shortage and delays in import delivery.

The country's economic crisis has been worsened by the ongoing Russian-Ukrainian conflict that has destabilized the food supply chains.

In December 2022, Egypt secured a 3-billion-dollar financial support package from the IMF to support its economic and structural reforms.

  •  Egypt
  •  Inflation

Source: www.dailyfinland.fi

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