Inflation touches 40% in August in Egypt

September 10, 2023 (Anatolia) Consumer price inflation in Egypt accelerated in August, approaching 40 percent year-on-year, as food, transport, energy and health prices continued to rise.

According to a statement issued on Sunday by the Central Agency for Mobilization and Statistics in Egypt, annual inflation rose to 39.7 percent in August, from 38.2 percent in July.

On a monthly basis, inflation rose during the past month by 1.6 percent, compared to the previous July.

Consumer prices recorded last month are the highest in more than 40 years at least, according to the Consumer Price Archive published on the Egyptian statistics website.

Local markets in Egypt are still affected by the devaluation of the pound against the dollar since last year, which was reflected in import prices from abroad as well as the high cost of production locally.

Since March 2022, Egypt has triple-devalued the pound, from an average of 15.7 pounds to the dollar, to the current 30.9 pounds.

On an annual basis, the prices of the food and beverage group increased by 71.9 percent, while the transport and communications division increased by 15.2 percent in August.as

In addition, the prices of the healthcare group increased by 22.8 percent, furniture, fixtures and household equipment by 42 percent, and housing, water and electricity by 7.2 percent.