Egypt Inflation Rate Hits Record-High of 39.7% in AugustEgypt’s annual headline inflation – which includes commodities such as food and energy prices – increased to a new high of 39.7 percent in August, up from 38.2 percent in July, according to data released by the country’s Central Agency for Public Mobilization and Statistics (CAPMAS) on 10 September. Prior to this, the country’s highest headline inflation rate had stood at 34.2 percent, a figure recorded in July 2017. Egypt’s annual headline inflation figure in August 2022 was 15.3 percent. The country’s latest inflation figures substantially exceed the Central Bank of Egypt’s (CBE) target of seven percent (±2 percent) set by the fourth quarter of 2024. Inflation rates have been on an upward trajectory since Russia’s invasion of Ukraine in February 2022, which disrupted the global economy and supply chain.
