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Egypt's inflation rate grew by 36.8% in June
Posted on July 14, 2023 |
In June, Egypt’s annual inflation rate grew by 36/8%, up from 33.7% in May.
Prices in the country rose in many sectors, from food and medical services to furniture and housing, unleashing a wave of inflation around the globe.
Food and beverage prices grew by 64.9% compared to June 2022, which is the main driver of inflation.
The Central Bank of Egypt raised its main interest rate to control inflation, devaluing the Egyptian pound.
As a result, millions of people’s savings got low as the cost of living soared and 30% of Egyptians got poor.