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Egypt’s inflation rises to all-time high of 35.7% in June

Baby, Person, Body Part Reuters/Amr Abdallah Dalsh
The Egyptian pound has lost more than 75 percent of its value against the US dollar since March 2022

Egypt’s annual urban consumer price inflation in June rose to a record 35.7 percent year-on-year from 32.7 percent in May, data from the country’s statistics agency Capmas showed.

Analysts had expected the country’s headline inflation rate to jump to an all-time high, a Reuters poll showed on Thursday, as an unfavourable base effect and increased demand over the Eid Al-Adha holiday kick in.

Egypt has devalued its currency by about half since March 2022 after the fallout from Russia’s invasion of Ukraine exposed its economic vulnerabilities.

In December, the International Monetary Fund (IMF) approved a $3 billion extended fund facility loan for Egypt to be disbursed over 46 months.

However, the first review of the programme has been delayed amid uncertainty over Egypt’s pledge to move to a flexible exchange rate.

The previous headline inflation record of 32.952 percent was reached in July 2017, eight months after Egypt devalued its currency by half as part of a previous $12 billion IMF support package.