CAIRO (AP) — Egypt’s annual inflation rate reached a record high in July, as price hikes continue unabated in the cash-strapped North African country, official figures said Thursday. Consumer prices rose 38.2% from a year earlier, up from 36.8% in June, according to data released by the state-run Central Agency for Mobilization and Statistics. Average food and beverage prices, the main drivers of inflation, increased 68.2% over the past 12 months, the agency’s data showed. The depreciation accelerated after Egypt’s government announced it had reached a $3 billion bailout agreement with the International Monetary Fund in October. Over the past year, Egypt’s central bank has tried to target inflation by hiking its main interest rates.

Source: The North Africa Journal August 10, 2023 14:54 UTC