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Egypt inflation hit all-time high of 36.8% in June — Report

todayJuly 10, 2023 8

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Annual inflation in Egypt hit 36.8 per cent in June, official figures showed on Monday, an all-time high for the country grappling with a punishing economic crisis.

The previous record of 34.2 per cent in July 2017 came, as it does now, following a sharp currency devaluation connected to a bailout loan from the International Monetary Fund.

The Egyptian pound has lost half its value against the dollar since early last year, shooting prices upward and adding to the burden of families struggling to make ends meet in the import-dependent country.

The latest figures, a rise of almost 37 per cent from June last year, also showed a two per cent month-on-month jump from May this year.

Written by: EaglesFM

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