Egypt’s annual inflation rate has hit a new record high in August, as the cash-strapped country continues to battle price hikes and a depreciating currency.
CAIRO — Egypt’s annual inflation rate hit a new record high in August, as the cash-strapped country continues to battle price hikes and a depreciating currency, the Egyptian statistics bureau said Sunday.
Prices in Egypt rose across many sectors, from food items and medical services to housing and furniture following the Russia-Ukraine war, which unleashed a wave of inflation across the globe. The inflation rate in August more than doubled compared to the same month last year, when it recorded 15.3%. The surge is compounded by economic pressures, shortage of foreign currency and successive devaluation of the local currency.
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