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.