Egypt’s inflation rate sets record high at 36.8% in June, official data show

BY SAMY MAGDY
Associated Press

CAIRO (AP) — Egypt’s statistics bureau says the country’s annual inflation rate has set a record high, reaching 36.8% last month compared to 33.7% in May. The agency’s data released Monday show food and beverage prices spiked by 64.9% in June over the same time last year. Prices in Egypt rose across many sectors, from food items and medical services to housing and furniture. That’s due in part to the Russia-Ukraine war, which unleashed a wave of inflation across the globe. Even before the war, Egyptians suffered price hikes as the government embarked on an ambitious reform program in 2016 that aimed at reversing longstanding distortions in the battered economy.