Egypt’s annual inflation hits a new record, reaching 39.7 per cent in August

The surge is compounded by economic pressures, shortage of foreign currency and successive devaluation of the local currency. The Egyptian pound lost more than 50 per cent of its value against the dollar since the Russian war on Ukraine broke out in February 2022.This has added further burdens on millions of Egyptians, who found their savings running low as the cost of living surged. Most of its imports traditionally come from Ukraine and Russia.

The annual inflation rate reached 39.7 per cent last month, up from 38.2 per cent recorded in July, according to data released by the state-run Central Agency for Mobilisation and Statistics.

Source: Devdiscourse