Egypt's year-on-year headline inflation rose to a record 35.7% in June from 32.7% in May, official data showed on Monday, accelerating past the previous high reached in 2017 and reflecting acute economic strains since early last year.
Prices have soared as Egypt has struggled through a shortage of foreign currency and repeated devaluations since March 2022, increasing hardships for many Egyptians who have seen their living standards eroded in recent years.
Analysts had forecast the record reading for annual urban consumer price inflation in June, citing an unfavourable base effect and an increase in consumer demand over the annual Eid al-Adha holiday. The continuing surge in inflation may increase pressure on Egypt's central bank to raise interest rates at its next scheduled meeting on Aug. 3. The bank has
"Assuming we see power tariffs being hiked in July, annual inflation could remain high for a longer duration," said Allen Sandeep of Naeem Brokerage.
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