Egypt inflation hits record high of nearly 40%
- Date: 11-Sep-2023
- Source: Jordan Times
- Sector:Financial Services
- Country:Egypt
Egypt inflation hits record high of nearly 40%
CAIRO — Annual inflation in Egypt hit 39.7 per cent in August, official figures showed Sunday, an all-time high as the Arab world's most populous country grapples with a punishing economic crisis.
It comes after a previous record of 38.2 per cent in July and amid an unrelenting downturn that has seen the currency shed half its value against the US dollar since early last year.
Food and drink prices alone rose 71.9 per cent year-on-year, said the state statistics agency CAPMAS.
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