Egypt under more pressure as headline inflation climbs to all-time high in June | Adam Makary and Aidan Lewis
- Date: 10-Jul-2023
- Source: Arab Weekly
- Sector:Financial Services
- Country:Egypt
Egypt under more pressure as headline inflation climbs to all-time high in June | Adam Makary and Aidan Lewis
CAIRO –
Egypt’s year-on-year headline inflation rose to a record 35.7% in June from 32.7% in May, official data showed on Monday, accelerating past the previous high reached in 2017 and reflecting acute economic strains since early last year.
Prices soared as Egypt has struggled through a shortage of foreign currency and repeated devaluations since March 2022, increasing hardships for many Egyptians who have seen their living standards eroded in recent years.