Egypt under more pressure as headline inflation climbs to all-time high in June | Adam Makary and Aidan Lewis

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.