Egypt’s annual inflation fee has hit a brand new file excessive in August, because the cash-strapped nation continues to battle value hikes and a depreciating foreign money
ByThe Related Press
September 10, 2023, 3:42 AM
CAIRO — Egypt’s annual inflation fee hit a brand new file excessive in August, because the cash-strapped nation continues to battle value hikes and a depreciating foreign money, the Egyptian statistics bureau stated Sunday.
The annual inflation fee reached 39.7% final month, up from 38.2% recorded in July, based on information launched by the state-run Central Company for Mobilization and Statistics. On a month-to-month foundation, costs grew 1.6% final month, down from a previous 1.9% rise in July.
Costs in Egypt rose throughout many sectors, from food objects and medical providers to housing and furnishings following the Russia-Ukraine struggle, which unleashed a wave of inflation throughout the globe.
The figures launched Sunday morning confirmed that meals costs, the principle drivers of inflation, rose by over 70% in August in comparison with the identical month final 12 months. Grains, meat, poultry, fish, and fruit had been among the many merchandise with the largest value spikes.
The inflation fee in August greater than doubled in comparison with the identical month final 12 months, when it recorded 15.3%. The surge is compounded by financial pressures, scarcity of overseas foreign money and successive devaluation of the native foreign money.
The Egyptian pound misplaced greater than 50% of its worth in opposition to the greenback because the Russian struggle on Ukraine broke out in Feb. 2022. This has added additional burdens on hundreds of thousands of Egyptians, who discovered their financial savings working low as the price of residing surged. About 30% of Egyptians are poor, based on official figures.
Egypt, probably the most populous Arab nation with over 105 million individuals, is the world’s largest wheat importer. Most of its imports historically come from Ukraine and Russia.