Egypt's annual inflation hits a new record, reaching 39.7% in August

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. The annual inflation rate reached 39.7 percent last month, up from 38.2 percent recorded in July, according to data released by the state-run Central Agency for Mobilisation and Statistics.

On a monthly basis, prices grew 1.6 percent last month, down from a prior 1.9 percent rise in July. 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 figures released Sunday morning showed that food prices, the main drivers of inflation, rose by over 70 percent in August compared to the same month last year. Grains, meat, poultry, fish, and fruit were among the products with the biggest price spikes.