Egyptian inflation rates at 8-year high

Inflation reached 16.4 per cent in Egypt in August, its highest rate since 2008, the Central Agency for Public Mobilisation and Statistics revealed in a statement.

The rise was caused by the deterioration of the value of local currency, the increase in the price of electricity, food and drink.

The number of consumers also rose in August by two per cent when compared to the number from July.

On 11 August, Egypt agreed with IMF to secure a three-year $12 billion loan facility, amid assurances from the Egyptian president to take tough economic measures to overcome the financial crisis experienced by Egypt.

Egypt has suffered from foreign currency shortages since 2011, due to the fall in tourism and foreign investors.