Egypt: Inflation reaches new high of 40%

A pedlar sells tangerines along a street in the Azhar district of Egypt’s capital Cairo on January 16, 2023 [KHALED DESOUKI/AFP via Getty Images]

Egypt’s annual inflation rate hit 39.7 per cent in August, a new high, as the country suffers from a crippling economic crisis.

The state-run statistics agency, the Central Agency for Public Mobilisation and Statistics (CAPMAS), yesterday reported an annual increase of 71.9 per cent in food prices, 15.2 per cent in transportation prices, and 23.6 per cent in clothing prices, according to France24 news website.

In June, the annual inflation rate in Egypt reached a record 36.8 per cent, driven by high food prices.

In recent months, Egypt has witnessed a rise in inflation and a decline in the pound’s value by approximately 50 per cent.

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