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August saw a 14.6% increase in Egypt's inflation, the highest in 4 years
Posted on September 12, 2022 |
- Egypt's annual urban consumer inflation grew year-on-year by 14.6% in August from 13.6% year-on-year in July.
- Food and beverage costs grew monthly by 23.1%, which make up the largest single element of the inflation basket.
- Inflation in Egypt will peak further due to high food and energy costs driven by Russia’s invasion of Ukraine and the pound’s depreciation in March.
- In 2022, the country saw $20 billion in foreign outflows from its local debt market.
- Egypt’s interest rates turned negative due to months of rapid price increases, due to which the country failed to attract foreign investors in domestic bonds and bills.
Image: Zawya