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Egyptian inflation peaks at 39.7% in August with a 72% surge in food prices

Egyptian inflation peaks at 39.7% in August with a 72% surge in food prices

Posted on September 15, 2023   |  

In August, Egypt experienced significant price hikes across various sectors.

Food prices surged by 71.9% annually, transportation costs rose by 15.2%, and clothing prices increased by 23.6%.

Healthcare group expenses saw a 22.8% increase, furniture and household equipment prices soared by 42%, and housing, water, and electricity costs climbed by 7.2%.

Egypt's annual inflation rate reached a historic high of 39.7% amid challenging economic conditions.

Monthly inflation rose by 1.6% compared to July, marking the highest consumer prices in over four decades.

The nation has grappled with inflation, a nearly 50% currency devaluation, and mounting state debt, making it one of the top 5 countries at risk of defaulting on foreign debts, despite an IMF loan received last year.



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