2023-07-11 01:10:00
Egypt: annual inflation rate hits record high of 36.8% in June
The annual inflation rate in Egypt rose to 36.8% in June, an all-time high for the country, compared to 14.7% in the same month of the previous year, the Central Agency announced on Monday (July 10th). Public Mobilization and Country Statistics (CAPMAS).
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A fruit stall in Cairo, Egypt. Photo: AFP/VNA/CVN
According to a statement from CAPMAS, food and beverage prices recorded an increase of 64.9% compared to June 2022.
Among the factors contributing to the record rise, the most notable are rising prices for restaurants, alcohol and cigarettes, furniture and household appliances, the statement said.
The urban inflation rate rose 2 percent month on month in June, the statement added.
The previous record annual increase of 34.2% dates back to July 2017, and followed a sharp devaluation of the currency associated with obtaining a loan from the International Monetary Fund (IMF).
The Egyptian pound has lost almost half of its value against the US dollar since March 2022. This currency devaluation has led to a shortage of foreign currency and delays in the delivery of imports.
The country’s economic crisis has been aggravated by the ongoing Russian-Ukrainian conflict which has destabilized the country’s supply chains.
Xinhua/VNA/CVN
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